The date has been set for Shibarium, a development that Shiba Inu investors have been eagerly waiting for. Announcing the start of the testing process, the team pointed to the coming months for the mainnet.
Shiba Inu team announces Shibarium beta testing
Shibarium, which will be Shiba’s Tier-2 network, turns SHIB, a meme token, into a serious blockchain contender. The developers announced earlier today that a bridge between Shibarium and Ethereum, which will be released soon, is now live as a testnet. The bridge is currently able to perform token transfers between the two networks.
According to lead developer Shytoshi Kusama, the bridge will initially allow users to transfer testnet ETH tokens to Shibarium, which will launch next month. Each transfer is expected to take a maximum of 30 minutes.
https://twitter.com/LucieSHIB/status/1684252125704880131
“Layer 2” refers to a set of off-chain systems (separate Blockchains) built on top of Layer-1 protocols that reduce bottlenecks with scaling and data. Multiple off-chain transactions collect the payload in a single Tier-1 transaction. This also helps to reduce their fees.
How about the SHIB price?
Since the second half of June, SHIB price has been hovering between critical levels of $0.00000700 – $0.00000850. A closer look at the charts revealed that the extreme ranges coincided with key order blocks worth accepting, especially for investors targeting volatility ahead of the Fed’s July 25/26 decision.
For perspective, order blocks (OB) are high-volume trading spaces placed by large or institutional players. In most cases, price action tends to react from these areas. Therefore, confirming or invalidating order blocks can identify market trends and sentiment changes.
So far, SHIB has faced price rejections at 0.00000785 – $0.00000824 (red) daily bearish OB. If the Fed decision upsets investors, lower support zones, particularly the H4 bullish order blocks at 0.00000733 – $0.00000749 (white) and 0.00000698 – $0.00000719, will be of key interest for lower-term traders looking for buying opportunities.
Meanwhile, Volume on Balance has drawn a sideways movement as the RSI fluctuates near the neutral level.
Shiba Inu investors are also watching for news from the metaverse project
Meanwhile, Shiba Inu’s dominance in the meme token industry was tied to its growing community and the emerging metaverse project. Shiba Inu is constantly moving towards improving its ecosystem in both the DeFi and NFT sectors. This plays an important role in giving the meme coin an advantage over its competitors.
Especially in the meme token industry, SHIB has taken the lead. It outperformed both FLOKI and PEPE by a large margin. According to Santiment’s data, FLOKI and PEPE did not perform as well on the social front. Additionally, these coins exhibited less social dominance than SHIB.
As Kriptokoin.com, we have included the latest developments from the aforementioned metaverse project in this article.
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