YEREVAN (CoinChapter.com) – Meme coin Shiba Inu has advertised its long-awaited layer-2 solution Shibarium since 2021. However, SHIB investors have misinterpreted the latest Shiba Inu countdown timer posted on the coin’s official Twitter page.
The Shiba Inu countdown timer was NOT meant for Shibarium Beta Launch.
Generally, a layer-2 solution is a way to increase a blockchain’s scalability. I.e., it shifts a part of a network’s processing load onto a ‘crutch’ route and aids in achieving faster transactions and more output.
Hence, an effective layer-2 launch is a welcome solution for any overloaded blockchain. Shiba Inu fans have been anticipating the Shibarium Beta launch since May 2021. However, the pseudonymous Shiba Inu coin founder ‘Ryoshi’ didn’t launch the promised Shibarium. Fast forward to Dec 2022, and the buzz on the layer-2 solution rekindled.
Below is a retweet of a post on the project’s official Telegram page.
Additionally, the SHIB official Twitter page posted a cryptic Shiba Inu countdown timer. Fans hoped for the Shibarium Beta Launch, but the countdown was devoted to a Network update instead.
While the buzz about the Shibarium Beta launch might pump the coin, the SHIB coin price was not impressed. Moreover, the token did not respond to the Shiba Inu news and threatened to drop by 15%.
Also read: Is Shiba Inu (SHIB) Dead After Plunging 90% from Record High?
SHIB (Shiba Inu) price risks losing 15%
Shiba Inu coin traded at $0.00000827 on Dec 21, after 5 days of sideways consolidation. However, the digital asset has been trading in a ‘descending channel’ since Aug 2022. The formation features two dropping trendlines that prevent sharp breaks in any direction through consecutive support and resistance retests.
Also read: Shiba Inu Coin, ADA, XRP Prices Plummet As Fed Hikes Continue.
The descending channel does not forecast a bias after the Shiba Inu coin exhausts the setup. However, it can be instrumental for short-term predictions. Thus, considering the declining trading volumes, a drop to the channel’s support seems likely despite the Shibarium Beta launch FOMO. The target price for SHIB price stands at 0.0000069, 15% lower than the current value.
Generally, it is hard to make solid predictions when it comes to meme coins, such as Shiba Inu. However, the upcoming sessions will show if the short-term bearish forecast has merit.
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