SHIB Price Stuck in Red Despite Shibarium Protocol
Despite the reintroduction of the Shibarium protocol, SHIB price remains in the red. The mainnet was temporarily taken offline due to scalability issues, causing a negative impact on the price. The crypto market as a whole is also not performing well.
Main Breakdown:
- The challenges faced by Shibarium were due to a massive influx of transactions and users
- Rumors of bridge problems and investor funds being unsafe were denied
- Shibarium is seeing block times of five seconds and increasing wallet addresses
- Other platforms, like DEXTools, are starting to adopt Shibarium
- Shibarium is expected to improve scalability and contribute to the token burn program
SHIB Price Down Trend Continues
Shiba Inu is currently holding support at $0.000008 but is at risk of dropping further. Indicators like the MACD and MFI support the bearish outlook, with investors hesitant to buy SHIB until the downtrend is exhausted. Breaking support at $0.000008 could lead to further decline.
Hot Take:
Despite the reintroduction of Shibarium and the potential for other platforms to adopt it, SHIB price continues to face downward pressure. The bearish outlook, supported by technical indicators, suggests that the downtrend may continue. Investors should exercise caution when considering SHIB as an investment option.
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