- Shiba Inu lead Shytoshi Kusama announced that the layer-2 scaling solution Shibarium launch is close.
- A major developer of the SHIB network stated that following the recent website redesign there will be Shibarium docs and then beta.
- Shiba Inu price broke out of its falling wedge and bulls target the $0.00001048 level.
Shiba Inu layer-2 scaling solution Shibarium’s development is underway. Shytoshi Kusama, the lead of the project, confirmed that Shibarium will launch soon and it is being “finalized.” Shiba Inu price outlook remains bullish after breaking out of the falling wedge.
Also read: Samuel Bankman-Fried reportedly cashed $684,000 using Seychelles-based crypto exchange
Shiba Inu lead says Shibarium launch is finalized
Shiba Inu is Dogecoin’s competitor and the second largest meme coin in the crypto ecosystem. Lead of the project, Shytoshi Kusama announced that the much awaited layer-2 scaling solution Shibarium will be launched soon.
The scaling solution project is currently under development and according to a recent tweet by Kusama, developers are “Aligning. Onboarding. Finalizing. Soon. Very soon.”
Love meeting with the team from @UnificationUND about #Shibarium. Aligning. Onboarding. Finalizing. Soon. Very soon.
— Shytoshi Kusama™ (@ShytoshiKusama) December 29, 2022
The layer-2 blockchain’s objective is to help the Shiba Inu network scale on its host chain Ethereum. Developers are building Shibarium with custom features for the Shiba Inu ecosystem. The upgrade marks a milestone in the Dogecoin-killer’s ecosystem and Kusama expects 2023 to be a big year for the project.
The Doge-killer token’s community is looking forward to Shibarium’s beta version release. Shiba Inu price remained largely unchanged over the last 24 hours.
Shiba Inu bulls target the $0.00001048 level
Shiba Inu price is on track to wipe out its losses from the past month. The launch of Shibarium, a long-awaited event in the SHIB ecosystem, could trigger a rally in the token. SHIB broke out of its falling wedge, A and B represent the two key levels, $0.00001235 and $0.00000861.
SHIB/USDT price chart
The point between levels A and B is represented by the target of $0.00001048. The target of the bullish breakout from the falling wedge is the $0.00001048 level. Since Shiba Inu price closed outside the upper trendline, the breakout is validated.
A decline below the $0.00000750 level could invalidate the bullish thesis for the Dogecoin-killer’s price.
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
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.