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Shiba Inu (SHIB) prices could face 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 emerging ecosystem could determine how SHIB’s price performs.
Even though the price is up 43% year-to-date (YTD), SHIB is still in bearish territory. Ultimately, SHIB needs another push, either from a macro perspective or from a successful Shibarium launch, to get back into the bullish position.
The 1 day chart reveals that SHIB is still writing its lowest daily since August last year. However, the year-to-date rally could be the start of a big move up. For now, SHIB has retested the support zone at $0.000011, but could now push its gains. If not, there will be more losses for SHIB.
Currently, SHIB sees support from the 200 day EMA at $0.00001125. If the price manages to hold above this level, the first target could be the January 18 high of $0.00001292, to write a new local high.
After that, it will be possible for SHIB to make a fresh attempt to break the high of $0.00001519 from October 29. Achieving success could mean getting back into bullish territory. However, the final and biggest hurdle, for now, is the resistance zone between $0.00001691 and $0.00001799.
Shibarium And Whales Become Highlights For Shiba Inu
Looking at the fundamentals also reveals make-or-break moments. With the release of the much-loved Shibarium, it remains to be seen if Shiba Inu can expand beyond its meme coin status.
This project is a layer 2 solution for Ethereum-based networks and aims to lay the groundwork for building a robust ecosystem that hosts the metaverse, decentralized exchanges (DEXs), blockchain-based games, and NFTs.
Decentralized exchange Shiba SwapDEX was launched back in July 2021 and had a TVL of $1.66 billion at the time, but dropped to $30 million. Shibarium could breathe new life into exchanges.
In general, though, the Shiba Inu will have to prove himself if his move away from pure meme narrative is to succeed. If the fundamentals are right, the price will follow. If Shibarium disappoints, SHIB prices could see further declines.
Meanwhile, SHIB’s popularity among Ethereum whales shows bullish sentiment. A member of the SHIB community shared data from WhaleStats, according to which SHIB is a non-stablecoin held by Ethereum whales. SHIB contributed 15.76%, surpassed only by USDT (19.52%).
Hi #SHIBARMY Did you know that SHIB 🐶 is the most volatile coin held 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 disclose Popular online broker Robinhood holds $266 million worth of Shiba Inu (SHIB) tokens.
In total, Robinhood has $3.37 billion worth of assets on the Ethereum Virtual Machine (EVM) chain. The breakdown is as follows: $2.99 billion ETH (88%), $266 million SHIB (8%), and $54 million MATIC (1.6%).
At press time, the price of SHIB was $0.00001152.
Featured image by LeandroDeCarvalho/Pixabay, Chart from TradingView.com
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