The Re-launch of Shibarium: What it Means for SHIB Price
The Shiba Inu (SHIB) team has re-launched the Shibarium L2 network in private mode after the initial launch was fraught with technical problems. SHIB price holds steady at $0.0000008, but on-chain indicators suggest the bulls could return to action at any moment.
Key Points:
- Shiba Inu holders have been moving their tokens into self-custody since the initial Shibarium launch, possibly due to network vulnerability fears.
- Shiba Inu Exchange Reserves have dropped to the lowest level in over a year, indicating a shrinking market supply.
- A successful relaunch of Shibarium could lead to a supply squeeze and potentially drive up SHIB price.
- The number of daily active addresses on the Shiba Inu network has declined since the Shibarium launch, suggesting a decrease in market demand.
- If users return to the network, the SHIB price could experience a significant breakout towards $0.000014.
The correlation between the Shibarium fiasco and the drop in market demand highlights how a successful relaunch of Shibarium could be a game-changer for SHIB price.
Hot Take:
The re-launch of Shibarium presents an opportunity for SHIB price to surge if market demand returns and supply squeezes. However, if the network vulnerabilities persist, bearish traders could force a reversal. The coming days will be crucial for determining the future trajectory of SHIB price.
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