- Shiba Inu token mysterious countdown just a website redesign.
- SHIB holders had anticipated launch of layer-2 scaling solution Shibarium.
- Shytoshi Kusama apologized to the community for misleading countdown, appreciating new design.
- Shiba Inu price in a falling wedge, bullish breakout could push SHIB to $0.00001290.
The website of Shiba Inu (SHIB), the second-largest meme coin, was redesigned by developers, disappointing the huge hype of its community. SHIB holders expected the website countdown to be followed by the launch of layer-2 scaling solution Shibarium. Shytoshi Kusama, Shiba Inu’s project head, apologized to the community.
Also read: Shiba Inu team begins special countdown, is Shibarium ready for launch?
Shiba Inu countdown results in website redesign, no updates on Shibarium
Shiba Inu, Dogecoin’s largest competitor and a leading meme coin, recently revamped its website. Developers announced a mysterious countdown on their website and the Shiba Inu community anticipated the launch of Shibarium, its highly awaited layer-2 scaling solution.
Shibarium is expected to increase the utility of the Shiba Inu token and the community anticipated the scaling solution’s launch after the mysterious countdown. Shiba Inu added 10,410 new holders to its community in the past two weeks alone, based on data from Etherscan.io.
Shiba Inu holders
However, the hype has now died down despite Shiba Inu’s lead developer Shytoshi Kusama applauding Trophias and his team for the website’s new design. Kusama took to Twitter to apologize to the Shiba Inu community for the misunderstanding. While the countdown was meant for the re-design, a large percentage of SHIB holders and community members expected the Shibarium launch.
Shibarium is key to Shiba Inu’s growth as it scales the meme coin, and reduces the congestion on the base chain – Ethereum. This could act as a bullish trigger for both of the ecosystem’s tokens: SHIB and BONE.
Please note that I am not responsible for every detail of Shib (i.e. website). So I applaud Trophias and his team for the new design and totally understand how the countdown could have been misleading. Although not in control of that, I apologize for any confusion. Stay tuned.
— Shytoshi Kusama™ (@ShytoshiKusama) December 20, 2022
Shiba Inu price draws bullish chart pattern
Shiba Inu price is currently in a falling wedge pattern as seen in the chart below. SHIB price maintained five touches on the two trendlines confirming this falling wedge chart pattern.
SHIB/USDT price chart
The down-sloping and converging trendlines of this chart pattern succesfully predict an upward breakout 68% of the time. The pattern will confirm itself as a valid one when Shiba Inu price closes above its upper trendline.
Shiba Inu price could face potential resistances at the 50-day and 200-day Exponential Moving Averages (EMAs) at $0.00000866 and $0.00000917. There is support at $0.00000841 and the target for the bullish breakout in SHIB price is $0.00001290.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Pro-crypto French Hill selected as Chairman of the House Financial Services Committee
Republicans selected French Hill as the new Chairman of the House Financial Services Committee. Hill is a crypto supporter and spearheaded the FIT21 bill for crypto regulations. French Hill will be replacing Chair Patrick McHenry, who is retiring from office.
Ethereum could see new all-time high above $5,000, on-chain data signals bullish momentum
Ethereum is up 1% on Thursday as it aims to tackle the selling pressure near the $4,000 psychological level. On-chain data shows that ETH has begun seeing increased bullish momentum, which could push its price to a new all-time high above $5,000.
Crypto Today: Bitcoin price tops $102K as Trump’s firm acquires Ethereum and Chainlink
Cryptocurrency market valuation broke $3.5 trillion Thursday, up 9.4% since Tuesday's market crash halt. In the last 24 hours, 104,700 traders liquidated $172.7 million in long contracts, accounting for 58% of the $298.5 million total liquidations.
Shiba Inu Price Prediction: SHIB set for $0.00004000 breakout as ETH leads market recovery
Shiba Inu price has rebounded 22% from its 14-day low of $0.00002400 recorded during the crypto market dip on Tuesday. With the Ethereum ecosystem attracting rapid capital inflows, is SHIB on the verge of a major breakout?
Bitcoin: BTC reclaims $100K mark
Bitcoin (BTC) reclaimed the $100K level, trading near $100,100 on Friday after a recent decline earlier this week. The recent pullback in BTC was mostly due to high-leverage traders and some holders booking profits. Despite Microsoft’s rejection of adding Bitcoin to the company’s balance sheet, institutional demand remained strong, recording a total inflow of $1.72 billion until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.