Shiba Inu Bulls Tired Out, Even with Shibarium Launch Around the Corner
The Shiba Inu (SHIB) network has obtained crypto traders’ attention due to its return on investment ratio compared to other digital assets. According to the latest crypto price oracles, Shiba Inu has gained over 220k X from its all-time low in November 2020.
The Ethereum-based meme coin is preparing to launch its layer 2 scaling solution dubbed the Shibarium network. With the expected launch date, the Shiba Inu lead developer Shytoshi Kusama recently announced a new website and intake system.
Nonetheless, Kusama warned crypto traders to stay away from Shibarium tokens as they are currently meant for testing until the mainnet is announced.
The second largest meme coin has over 1.3 million holders, according to on-chain data, having facilitated over 9,788,287 transfers. Approximately 41 percent of Shiba Inu tokens have been transferred to the burn address, with the Shibarium launch expected to increase the burn rate.
Shiba Inu Price Action
The Shiba Inu ecosystem takes pride in a market capitalization of approximately 6,824,637,958 and a 24-hour trading volume of about $190 million. According to market data provided by TradingView, Shiba Inu’s price has gained roughly 53 percent YTD to trade around $ 0.000012430 on Tuesday.
The Shiba Inu bulls have experienced significant resistance around the current prices. With possible head and shoulder formation, coupled with a falling divergence on the daily RSI indicator, the SHIB price is more bearish than bullish.
Moreover, Shiba Inu will face more sell pressure from troubled Voyager Digital, which intends to sell approximately $77 million in the coming weeks.
As such, the Shiba Inu bulls must outperform the whales’ sell pressure and incoming crypto regulations to maintain a bullish sentiment.