The marketing expert on the Shiba Inu team has taken to Twitter to explain why the SHIB price is not going "to the moon" at the moment; @LucieSHIB stated that this question is now often being asked by SHIB holders, who are pestering the developer team to "do something" about this inert price performance.
However, Lucie believes that there is hardly anything that depends on the SHIB devs here, in this particular case and at this particular time.
Main reason why SHIB is drowning in red, per Lucie
The marketing specialist of the SHIB team tweeted that she believes the upcoming Bitcoin halving to be the main reason why crypto prices "tend to chill out" since all market participants are in doubt as to what may happen after BTC miners' rewards get cut by half once again.
Lucie wrote that during the summer before the halving, "things may get a bit bearish and folks might feel a bit down." She expects that as soon as the autumn and winter arrive, "good news starts popping up like fireworks." This will be followed by bullish vibes and prices rising across the cryptocurrency market.
Lucie also reminded the community that Shibarium, which is expected to roll out on mainnet after Aug. 16 (but there is still no exact date, according to her, even though the developers are really close to finishing it), is not "some pump-and-dump scheme" but a solid tech that has the potential for powerful long term growth.
“Why no moon?!”— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 20, 2023
Dev do something 😵💫
Crypto prices tend to chill out around a year before a halving event because everyone's like, "Hmm, what's gonna happen? 🤔
During that summer, things may get a bit bearish, and folks might feel a bit down.
But don't worry! As we roll into… pic.twitter.com/SPcb0vR0it
Bitcoin halving happens every four years, and the last one happened in early 2020. The next one is expected in April-May 2024.
This technology of programmed halving is used by other proof-of-work cryptocurrencies too. This year, the anonymous coin DASH has already seen its halving happen, and on Aug. 2, it will be Litecoin's turn to split its miners' rewards by half.
Shibarium smashes new milestone
Puppyscan explorer of the Shibarium beta version Puppynet shows that over the last three days, the testnet has reached a new milestone related to Shibarium utility.
The total count of transactions has added approximately one million, rising to 31,023,279 transfers at the time of this writing. On July 11, according to the chart, there was a peak of transactions hitting the 279,814 mark.
The number of linked wallet addresses remains almost as it was before — 17,062,324 — showing a rise by just one thousand wallets.
The total count of produced blocks is equal to 1,766,046.
At press time, SHIB is changing hands at $0.000007882, showing a marginal rise of nearly 2% within the last 24 hours, according to data provided by CoinMarketCap.