SHIB enters critical zone, Shibarium beta launch might happen this week?
- Reportedly, Shibarium beta launch might happen this week.
- Shiba Inu may potentially experience a demand reboot as hype starts to build up.
Shiba Inu [SHIB] might be headed for another demand shock and it mostly has to do with the Shibarium beta potentially going live this week.
The hype around the much-awaited event is starting to build up following expectations that Shibarium will roll out this week.
Read Shiba Inu [SHIB] price prediction 2023-2024
The heavy expectations within the Shiba Inu community are based on multiple factors. One of the leading authorities on SHIB and Shibarium-related news recently reported that lead developer, Shytoshi hinted that the launch is coming this week.
To the #SHIB community, Shytoshi just stated that the #Shibarium beta should be live next week!!!!! Kaal is back in action!!!!!!!!!!!! 🚀🚀🚀🚀🚀🚀🚀 #shiba #SHIBARMY
New Video (leak): https://t.co/aCJXYG9tgo
— YourPOP (@Yourpop8) February 18, 2023
In addition, Shytoshi recently turned off messaging on the official Shibarium telegram channel. He also noted that messages will be reactivated once all the Shibarium documents are ready.
While not much else was revealed, these actions did pave the way for speculation that the decision is a move to eliminate noise and misinformation ahead of the official launch of the L2 network’s beta version.
💥💥 BREAKING 💥💥 Shytoshi Kusama locks the #Shibarium Telegram from further messaging until all documents are out! 👀 $Shib #Shiba #ShibaInu pic.twitter.com/OPiG4M05J2
— 𝐋𝖆𝖉𝖞 🔥 𝐂𝖗𝖞𝖕𝖙𝖔 (@ShibArmy_4Life) February 16, 2023
Understanding the growing hype and potential impact
The hyped event can potentially kickstart the next bullish wave for SHIB. The latest WhaleStats data already confirmed that SHIB was the third most used smart contract among the top 2000 ETH whales in the last 24 hours.
🏆 MOST USED smart contracts for the top 2000 biggest #ETH whales today
4️⃣ $SHIB @Shibtoken
5️⃣ $LINK @chainlink
6️⃣ $CRV @curvefinance
7️⃣ $AAVE @AaveAave
8️⃣ $CVX @convexfinance
9️⃣ $HFT @hashflow
🔟 $UNI @Uniswap pic.twitter.com/p5L8bSwkcc
— WhaleStats (tracking crypto whales) (@WhaleStats) February 19, 2023
SHIB might attract more demand if the Shibarium beta launch happens this week.
It might kick SHIB into its next bullish wave. The bulls have been struggling to regain control since the first week of February after concluding the robust rally that was witnessed at the start of the year.
SHIB’s 50-day MA just registered a golden cross a few days ago, adding to the timing that may support a strong rally.
Meanwhile, the metrics revealed a bit of a bearish expectation. Notably, the supply on exchanges dropped by a sizable margin in the last four weeks, while the supply outside of exchanges experienced a net gain during the same period.
As far as the current sentiment is concerned, we saw a significant drop in weighted sentiment in the last few days.
This coincided with an increase in sell pressure this past week, suggesting that the market overall favored the bears.
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A pivot in the weighted sentiment and a reverse outcome is expected with the exchange flows in the next few days.
In other words, higher outflows are expected if the Shibarium launch triggers an influx of bullish demand.
The overwhelming consensus is that Shibarium will add more utility to the Shiba Inu ecosystem, and hence more organic demand. Nevertheless, this is still within the hypothetical realm since the launch is still days away.