Shiba Inu Price Shows Resilience As Shibarium Reboots: SHIB Price Targets
August 18 2023 - 6:05AM
NEWSBTC
Shibarium, Shiba Inu’s layer-2 network, is still waiting for a
reboot. At the time of going to press, Shibarium was still not
producing any blocks, as Shibariumscan.io’s block explorer shows.
As a reminder, Shiba Inu’s highly anticipated layer-2 went offline
minutes after its official launch on Wednesday. In the wake of the
unexpectedly high traffic that temporarily took the Shibarium
network offline, the Shiba Inu team is diligently working on a
solution to restore normalcy, the devs assured today. With many
investors keeping a close eye on developments, there is one notable
promise from the team – they emphasize that users’ funds are safe.
When Shibarium went offline, $1.7 million was stuck in the ETH
Bridge. Shibarium, which is a fork of the renowned Polygon network,
saw an unprecedented number of “compute units” of traffic shortly
after its launch. This influx resulted in, as Shiba Inu developer
Kaal Dhairya put it, “thousands upon thousands of contract creation
and normal transactions IN A BLOCK.” As a result, the Shibarium
network activated its failsafe mode and ceased operations to ensure
the safety of assets within the blockchain. Related Reading: Buying
The Dip? Shiba Inu Whale Activity Surges As Price Declines Nearly
10% In an update today, SHIB developer Kaal Dhairya wrote in a blog
post: “Shibarium received millions of ‘compute units’ of traffic in
a matter of moments. At that point, Shibarium’s amazing system went
into failsafe mode and paused to make sure the funds were safe….
And they are.” The transparency of the Shiba Inu team continues to
be evident as they not only recognize the current challenges, but
actively seek expert assistance to address them. But the scaling
issues seem to be bigger than expected, as the network is
approaching a 48-hour downtime (with short interruptions). When
Shiabrium will be back online is still unclear, Dhairya announced:
“Tomorrow I will send another update to inform our army of the
status of Shibarium Scaling!” Shiba Inu (SHIB) Shows Resilience The
Shiba Inu price briefly fell back to $0.00000727 yesterday amid the
market-wide crash, posting a 20% drop. However, SHIB managed to
defend a new higher low (albeit just barely) – a bullish sign.
Related Reading: Voyager Sells 1.4 Trillion Shiba Inu, But There’s
Good News For SHIB In addition, SHIB bulls have succeeded in
ushering in a recovery. At the time of writing, SHIB was trading at
$0.00000838, currently trading just above the 23.6% Fibonacci
retracement level at $0.00000833. A daily close above this price
level would be a bullish exclamation point. This would open the
possibility of a move up to the 200-day EMA at $0.00000935, which
was lost on Wednesday as a result of the Shibarium stall. A quick
bounce of the 200-day EMA would be a strong sign. As then, the area
between the 38.2% Fibonacci retracement level at $0.00000979 and
the psychologically important $0.00001 level would come into focus.
This area could be highly contested. However, if a breakout
succeeds, the next targets are $0.00001096 (50% Fibonacci),
$0.00001213 (61.8% Fibonacci) and $0.00001381 (78.6% Fibonacci)
before the yearly high at $0.00001593 becomes the final hurdle for
a bullish breakout of SHIB. Featured image from iStock, chart from
TradingView.com
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024