Shibarium steps up scaling efforts; Will it drive SHIB prices?

• Shibarium team has worked with others to scale the server infrastructure by 1500%.
• SHIB’s daily chart was red and market indicators remained bearish.

Since the launch of Shiba Inu’s [SHIB] much-awaited Shibarium, it remained a hot topic of discussion in the crypto community. Not only because of the value it adds to the blockchain but also for multiple speculations and rumors. 

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

The Shiba Inu team has been working to keep Layer 2 operational, although they have faced some challenges. The most prominent one was a massive uptick in network activity right after Shibarium’s launch. In a latest

Shiba Inu is increasing Shibarium’s scalability 

As per the latest blog, Shiba Inu restarted the blockchain in order to scale up in multiple ways, testing it again and making it public. The Shibarium team has worked with the decentralized team and validators to scale the server infrastructure by 1500% as well as the top-notch metal infrastructure.

On top of that, the team has also worked with several blockchain experts to create additional protocols to support and manage traffic.

Another recent blog revealed that the team was focused on ensuring perfect security measures were in place and began deep testing on the blockchain. Shibarium is currently live producing blocks as normal, but in private mode.

SHIB remains red

While Shibarium developers buckled up to ensure scalability, SHIB investors continued to bear losses. After the recent market drop, several cryptos have finally managed to paint their daily charts green. However, this was not the case with SHIB, as its price declined by more than 1% in the last 24 hours.

According to CoinMarketCap, at the time of writing, SHIB was trading at $0.00000839 with a market capitalization of over $4.9 billion, making it the 14th largest crypto. The price decline stirred negative sentiment around the token.

This was evident from LunarCarush’s data, which revealed that Shiba Inu’s bullish sentiment dropped by 40% in the last 24 hours. Moreover, the memecoin’s Altrank also increased by 523, which is a typical bearish signal.

However, it must also be noted that SHIB’s exchange reserve was declining, suggesting that the token was not under selling pressure.

Source: LunarCrush

Realistic or not, here’s

A look at SHIB’s daily chart revealed a few indicators, which suggested that investors might have to wait longer before the token’s price goes up. The MACD displayed a massive bearish upperhand in the market.

Shiba Inu’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) also continued to remain under the neutral mark. This was another bearish signal, which can restrict SHIB’s price from going up. 

Source: TradingView