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Shiba Inu Coin

Shiba Inu (SHIB) Price Could Face Make Or Break Moment

Jake Simmons by Jake Simmons
4 months ago
in Uncategorized
Reading Time: 2 mins read

The Shiba Inu (SHIB) price could be facing a make-or-break moment in the coming weeks. While the launch of Shibarium is imminent according to the chief developer, the success of the layer-2 blockchain and the emerging ecosystem could determine how the SHIB price will perform.

Despite the 43% year-to-date (YTD) price increase, SHIB is still in bearish territory. Ultimately, SHIB needs another boost, whether from a macro perspective or from the successful launch of Shibarium, to return to the bullish ground.

The 1-day chart reveals that SHIB is still writing low highs on a daily basis since August last year. However, the year-to-date rally could be the start of a major move to the upside. For now, SHIB has seen a retest of the support zone at $0.000011, but could now push ahead with its rise. If not, there could be more downsides for SHIB.

Related Reading: Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again

At the moment, SHIB is seeing support from the 200-day EMA at $0.00001125. If the price manages to stay above this level, the first target could be the January 18 high of $0.00001292, in order to write a new local high.

After that, there would be a possibility of SHIB making a new attempt to break the high of $0.00001519 from October 29. Achieving success could mean a return to the bullish territory. However, the final, biggest hurdle, for now, will be the resistance zone between $0.00001691 and $0.00001799.

Shiba Inu price SHIB USDT
Shiba Inu price remains bearish for now, 1-day chart| Source: SHIBUSD on TradingView.com

Shibarium And Whales In The Spotlight For Shiba Inu

A look at the fundamentals also reveals a make-or-break moment. With the much-hyped launch of Shibarium, it remains to be seen whether Shiba Inu can grow beyond its meme coin status.

The project is a layer 2 solution for the Ethereum-based network and aims to lay the foundation for building a powerful ecosystem that hosts a metaverse, a decentralized exchange (DEX), blockchain-based games, and NFTs.

The decentralized exchange Shiba SwapDEX launched back in July 2021 and reached a TVL of $1.66 billion at the time, but is down to $30 million. Shibarium could give new life to the exchange.

Related Reading: Shiba Inu (SHIB) Is Up 4% As Lead Dev Teases Exact Beta Launch Date

In general, however, Shiba Inu will have to prove itself if its move away from a pure meme narrative is to be successful. If the fundamentals are right, the price will follow. If Shibarium is a disappointment, the SHIB price could see further downside.

Meanwhile, the popularity of SHIB among Ethereum whales points to a bullish sentiment. A SHIB community member shared data from WhaleStats, according to which SHIB is the top-held non-stablecoin by Ethereum whales. SHIB accounts for 15.76%, only outpaced by USDT (19.52%).

Hey #SHIBARMY did you know that SHIB 🐶 is the top-held nonstable coin by ETH whales?
Something to think about. 🤑 pic.twitter.com/uKFrjkj2RU

— Shib Dream * Shiba Inu News * Shib Army Social 💎 (@theshibdream) January 26, 2023

Meanwhile, Coinbase director Conor Grogan recently revealed that popular online broker Robinhood holds Shiba Inu (SHIB) tokens worth $266 million.

In total, Robinhood holds $3.37 billion worth of assets on Ethereum Virtual Machine (EVM) chains. These break down as follows: $2.99 billion ETH (88%), $266 million SHIB (8%), and $54 million MATIC (1.6%).

At press time, the SHIB price stood at $0.00001152.

Featured image from LeandroDeCarvalho / Pixabay, Chart from TradingView.com
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Jake Simmons

Jake Simmons

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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