Shiba Inu Price Prediction as SHIB Dip Post Shibarium Launch – What’s Ahead?
The much-awaited Shibarium main net launch happened last week. However, contrary to the community expectation, the Shibarium launch has not impacted Shiba Inu SHIB performance over the last few days.
Instead, Shiba Inu recorded a 9% decline in the last week. The price of Shiba Inu is down by almost 1%, reaching $0.00000788. This
Moreover, reports that about $2 million got lost when moving money to and from Shibarium have raised concerns and doubts about the network's safety. This issue must have contributed to depressing investor sentiment on SHIB.
Following the prevailing bearish momentum, community members wonder what lies ahead for their beloved meme token.
Shiba Inu Price Plummets Amidst Shibarium Glitches
The eagerly awaited Shibarium protocol's launch took an unexpected turn, resulting in a substantial drop in the value of SHIB. Blockchain data shows transactions involving $1.7 million worth of Ethereum (ETH) on the network were stuck for five hours.
In response to reports of a disruption, a developer from the Shibarium team addressed the situation in a blog post. They clarified that the bridge had no problem and that the issue arose due to a sudden transaction surge.
Right after the launch, Shibarium experienced network glitches, sending panic across the ecosystem. Many who had high hopes for its effect on SHIB started selling off their holdings, further dropping prices.
Whales Bag $SHIB Despite Shibarium Setbackswhale
continues buying shiba inu this down market.
Shiba inu price 0.00000550 possibleIf yes so that's a good buying zone for mid term.#SHIBARMY #ShibaInu pic.twitter.com/aSzDLbnBaT
- Tricky Arup (@TrickyArup) August 21, 2023
Amid the bearish sentiment, whales saw a chance to accumulate massive amounts of SHIB coins.The massive whale accumulation suggests several top players remain optimistic about Shiba Inu's potential to rally in the coming months.
According to Whale Alert, a single address moved 4.65 SHIB (equivalent to $38.39 million) from a Bitvavo wallet to an unidentified wallet.
- Whale Alert (@whale_alert) August 21, 2023
This transfer took place on August 21 and has piqued the curiosity of SHIB community members who wonder about the motives behind this transaction. Following this transaction, speculations are that Shiba Inu stands a high chance of witnessing massive rallies in the coming days.
SHIB Burn Mechanism May Drive Up PriceMeanwhile, Shiba Inu (SHIB) recorded an 800% increase in burn rate, removing nearly two billion SHIB tokens from circulation.
In the last 7 days, there have been a total of 1,840,593,165 $SHIB tokens burned and 255 transactions. #shib pic.twitter.com/6r179JulIu
- Shibburn (@shibburn) August 20, 2023
This increase in burn rate could create scarcity and positively impact SHIB prices if the community sustains the momentum.
Shiba Inu Price Analysis - Will it Move Up?
Source:TradingView
Based on the daily chart, SHIB/USD is heading toward the lower band of the Bollinger Band indicator. This could indicate a potential oversold condition in the market, meaning SHIB might face selling pressure. However, traders might see this as a buying opportunity, anticipating a possible price bounce or correction shortly.
The asset's current Relative Strength Index value of 38 indicates that it's not overbought or oversold, suggesting a moderate market condition.But, the Moving Average Convergence /Divergence being below the signal line might indicate a potential downward momentum in the asset's price.
These indicators suggest a cautious outlook for the asset's price movement, indicating a tendency for a price rebound. Shiba Inu might record a few days of downtrend before entering a bullish trajectory in the coming weeks.
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