Shibarium Blockchain’s Ethereum Bridge Goes Live – SHIB jumps 7%

Key Takeaways:

• Shibarium Beta Bridge went live
• The date of the Shibarium mainnet launch is still unclear
• Despite the uncertainty, SHIB jumped 7% in the previous 24 hours.

YEREVAN (CoinChapter.com) – According to an anonymous Shiba Inu marketing team member, @LucieSHIB, the Shibarium Beta Bridge with the Ethereum blockchain went live on July 26.

Even though the cross-chain solution is open for public testing, ‘Lucie’ warned traders not to use real assets and deploy faucets instead.

In detail, the Bridge uses a “plasma bridge” technology to support ERC-20 standard token transactions. Now that Shibarium Blockchain’s Ethereum Bridge has gone live, users can conduct transactions between the two blockchains and avoid any third party.

The Shibarium Beta Bridge will likely boost the upcoming Shiba Inu-based layer 2 blockchain utility. Layer 2, i.e., Shibarium itself, is still in the Beta development phase. “Layer 2” refers to a set of off-chain systems, or separate blockchains, built on top of layer one protocols like Ethereum that help reduce bottlenecks with scaling and data. 

Despite the clouds of generated buzz, the launch date is still unknown.

The team keeps throwing hints on social media without any certainty. Blockchain infrastructure provider @NOWNodes commented that the Shiba Inu-based layer 2 blockchain launch is “closer than you think.” “As soon as the terms are finalized, we’re ready to announce our first official partner that will integrate Shibarium RPC nodes!” they tweeted recently.

The developments above on the blockchain shaped Shiba Inu price prediction, at least in the short term.

Shiba Inu (SHIB) token price jumped 7% on the news

After the Shibarium Beta Bridge went live, the Shiba Inu token price jumped 7% and stood at $0.00000818 ahead of the New York session on July 28. However, the price action reached the support-turned-resistance hindering SHIB’s upside attempts since early June and was again unable to breach it.

Also, the Shiba Inu token formed a ‘rising triangle’ setup featuring a flat resistance and a rising support line. It is a bearish reversal pattern. Thus, while the rising triangle takes the price incrementally higher, it predicts a drop equal to the maximal height once the price action drops below the support.

A support breach has NOT happened yet, as SHIB grapples with the resistance. However, the setup pins the target price at $0.00000618, or 20% lower, in case of a confirmation.

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