Home
News
- Shiba Inu developers has recently revealed the layer 2 Blockchain Shibarium
- Technical indicators are favoring the strong upside trend for the future.It has seen a gain of more than 18% in the BTC pair.
Shiba Inu cryptocurrency is based on the Ethereum blockchain, and uses the ERC-20 token standard. This means that it can be stored in any Ethereum-compatible wallet, and can also be traded on various cryptocurrency exchanges.One unique feature of Shiba Inu is its distribution model. A large portion of the total supply of Shiba Inu was distributed to holders of Ethereum’s native cryptocurrency, Ether, through a process called an “airdrop”. This means that anyone who held Ether in a wallet or on an exchange at a certain date and time received a certain amount of Shiba Inu tokens for free. This helped to quickly distribute the token to a large number of people and create a strong community around the project. Meanwhile,Shiba Inu developers revealed the first look of layer 2 blockchain shibarium. Shiba Inu developers has recently said Shibarium will focus on metaverse and gaming applications especially as the NFT sector.
Shiba Inu has a market cap of $6.8 Billion and is ranked 13th in the cryptoverse. Volume to market cap ratio of the SHIBA suggests a consolidated trend in price.
Bulls Of SHIB Are Pushing Beyond The Threshold
The weekly technical chart of the Shiba Inu suggests a consolidated trend in price. It has seen a strong gain in recent months. On the daily chart it is trading near the value of $0.00001247 and has seen a gain of 18% in the intraday session. Resistance of SHIB can be seen near the value of $0.000025. Meanwhile a bounceback can be seen near $0.00001. It is currently trading above the value of 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high.
Conclusion
Shiba Inu developers has recently revealed the first look of blockchain Shibarium. SHIB has been in a strong upside move and can soon see a new high in the future.
Technical Levels
Major Resistance:$0.000025
Major Support; $0.00001
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
