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Shiba Inu, the cryptocurrency known for its dog-inspired branding, has entered a consolidation phase, with the daily chart revealing a price range between $0.00000724 and $0.00000812. However, market analysts speculate that a potential breakout from the primary resistance level within this consolidation phase could surge the Shiba Inu coin’s price.
However, according to experts, investors in Shiba Inu cryptocurrency must exercise patience until the coin’s price establishes sustained momentum at the edge of the consolidation phase. It is worth noting that the trading volume for Shiba Inu has decreased by 2.30% during the intraday trading session, as per Coinmarketcap, indicating ongoing efforts by sellers to pull the coin’s price downward.
This expected recovery is closely tied to the highly anticipated launch of Shibarium, a layer 2 blockchain solution. Layer 2 refers to off-chain systems built on top of layer 1 protocols, which help alleviate scalability issues and reduce transaction fees. Shibarium, set to debut after a Toronto conference in August, aims to bundle multiple off-chain transactions into a single layer 1 transaction, thus reducing data load and fees. Analysts also anticipate the Shibarium release to ignite a price surge in other tokens, such as Unification (FUND).
$FUND chart is bullish. It will reach $1 and beyond with the release of #Shibarium pic.twitter.com/oGOLHkMwCD
— $SHIB KNIGHT (@army_shiba) July 19, 2023
Shytoshi Kusama, in his Thursday blog post, highlighted the forthcoming event as an opportunity to exhibit the completed World paper, unveil Shib-branded projects, and provide detailed information about TREAT, which will be released for the first time. Additionally, Kusama expressed optimism about discussing and unveiling the long-awaited L2 Shibarium during the conference.
In another development related to the Shiba Inu ecosystem, Lucie, a marketing specialist, shared an important update for holders of the Shiba Inu ecosystem token Doge Killer (LEASH). Lucie emphasized the need for LEASH holders to acquire top roles in the Shiba Inu Discord channel, particularly in preparation for the upcoming Shibarium mainnet launch.
During presstime, Shiba Inu’s price currently stands at $0.000008, accompanied by a 24-hour trading volume of $85,505,873. CoinMarketCap currently ranks Shiba Inu at 19, surpassing a close opponent, Stellar (XLM), with a live market cap of $4,585,128,953. The circulating supply of SHIB coins is 589,346,914,631,298.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.