Shibarium Beta Launch Set for This Week Amid SHIB Price Decline

Shibarium Beta Launch Announcement

Shibarium, the much-anticipated blockchain platform from Shiba Inu, is set to begin its beta phase this week. The announcement was made on Shiba Inu's official social media pages, inviting interested parties to stay tuned for instructions on accessing the beta website. This marks a significant milestone for the meme token as it aims to expand its ecosystem.

SHIB Price Performance

Despite the exciting news, Shiba Inu's price has not reacted positively. As of now, SHIB's value has decreased by 3.28% over the last 24 hours. Over the past week, the token has experienced a decline of 12.43%, trading at $0.00001082. SHIB has also shown weakness against leading cryptocurrencies like Bitcoin and Ethereum, dropping by 1.46% and 2.13%, respectively.

Technical Analysis of SHIB

On the 4-hour chart, SHIB has been trading within a consolidation channel, with its price fluctuating between $0.00001087 and $0.00001119. A brief drop below this range was observed, which might have been a liquidity-building move. The token then recovered, climbing 4.12% in a subsequent 4-hour cycle. During this recovery, SHIB's price surpassed the 9 EMA line but was later rejected by the longer EMA line, leading to a continued decline.

Conclusion

The announcement of Shibarium's beta launch is a pivotal development for Shiba Inu as it seeks to strengthen its position in the crypto market. However, the current price trends suggest that investors are cautious, with SHIB's performance continuing to lag behind major digital currencies. As the beta phase unfolds, stakeholders will be keenly observing its impact on the token's valuation and market dynamics.