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Shiba Inu (SHIB) Shibarium Launch: What to Expect Long Term

Fri, 08/18/2023 - 01:00
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Arman Shirinyan
Shiba Inu's most awaited launch happened with some serious issues
Shiba Inu (SHIB) Shibarium Launch: What to Expect Long Term
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The Shiba Inu community recently faced a whirlwind of emotions with the launch of Shibarium, its Layer 2 (L2) scaling solution. This highly anticipated event was marred by a significant setback: over 1,000 ETH became temporarily trapped in the bridge contract. Additionally, a substantial amount of the Bone token found itself in an unrelated address.

The Crypto Twitter community did not hold back on their reactions. A humorous sentiment echoed by many suggests that the best roadmap for meme coins might be to perpetually delay the launch of any products.

Despite these initial challenges, there is a silver lining. Some experienced analysts like 0xQuit remain optimistic, suggesting that the bridge contract's upgradeability could potentially allow developers to retrieve all the ETH and ensure it reaches its rightful owners.

Shiba Inu

Despite the initial challenges, there is not much to worry about, suggesting that the bridge contract's upgradeability could allow the developer to extract all the ETH from the contract and distribute it to depositors.

While the short-term reactions to the Shibarium launch have been mixed, it is essential to consider the long-term implications for Shiba Inu. Shibarium remains one of the most anticipated assets in the Shiba Inu ecosystem. Its successful implementation and operation could pave the way for more "serious" investment into the network.

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The introduction of Shibarium is not just about scaling; it represents a shift in perception. As the Shiba Inu ecosystem matures and introduces more sophisticated products and solutions like Shibarium, it could transition from being seen merely as a meme coin to a more established and credible project in the decentralized finance (DeFi) space.

While the immediate aftermath of the Shibarium launch has been rocky, the long-term prospects for Shiba Inu remain promising. As the ecosystem continues to evolve and address its challenges, there is potential for a fundamental rally shift, positioning Shiba Inu for sustained growth and increased credibility in the crypto world.

XRP brings tough times to investors

XRP has been facing a challenging period. The token's price has been on a steady decline, inflicting significant losses on its investors. As the selling volume surges, the market sentiment around XRP appears increasingly bearish, raising concerns about potential further downturns.

The Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, is currently hovering around 34 for XRP. Traditionally, an RSI below 30 is considered to be in "oversold" territory, suggesting that the asset might be undervalued and could be due for a price correction. With XRP's RSI approaching this critical threshold, it indicates that the token might be entering the oversold zone, a potential sign of an upcoming reversal.

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Another crucial technical indicator to consider is the 200 Exponential Moving Average (EMA). The EMA gives more weight to the most recent prices, and therefore reacts more quickly to price changes than a simple moving average. Currently, the next support level for XRP is the 200 EMA, which is positioned at $0.52. If XRP's price breaks below this support, it could signal further bearish momentum. However, if the price bounces off this level, it might indicate a potential trend reversal.

At the time of writing, XRP is trading at $0.585, slightly above its 200 EMA support. This price point is crucial for XRP, as maintaining above the 200 EMA could provide the necessary confidence for investors to reenter the market, potentially driving a price recovery.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.