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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

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

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu Coin

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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.

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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.

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

1 year ago

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

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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