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Should Shiba Inu traders be worried as Shibarium launch date remains uncertain

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Shiba Inu’s highly anticipated Shibarium launch date remains to be determined, casting doubts on the timeline.

Should Shiba Inu traders be worried as Shibarium launch date remains uncertain

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  • The Shibarium mainnet launch date is still being determined as the testnet grows.
  • SHIB and BONE are in a bear trend as SHIB enters the oversold region.

The highly anticipated debut of the Shiba Inu Shibarium has sparked numerous conversations. Initially, enthusiasts were led to believe that the launch would take place sometime between the second and third quarters of 2023. However, as we approach the conclusion of Q2, the specific date remains uncertain, as reported by a trusted Shiba Inu promoter.


Read Shiba Inu (SHIB) Price Prediction 2023-24


Shibarium launch date uncertain

LucieSHIB, a prominent promoter of Shiba Inu, previously announced that the highly anticipated Shibarium mainnet was slated for release between Q2 and Q3 of 2023. However, recent updates from the same source indicated a potential delay in the launch date, casting doubt on its previous certainty.

Despite the uncertainty surrounding the mainnet launch, the testnet continued to progress, as confirmed by information from the Puppynet scanner.

As of this writing, the testnet witnessed an impressive number of transactions, surpassing 19.4 million. Additionally, there were over 16.7 million wallet addresses and more than 1.2 million blocks.

In the last Shibarium report, there were temporary disruptions with the Puppynet scanner, resulting in hours of downtime. However, as of now, the scanner is operational once again, providing users with up-to-date information.

SHIB and BONE price trend

Shiba Inu experienced a notable decline in its price on the daily timeframe chart, with the cryptocurrency currently trading at a substantial loss of over 20%.

This decline has pushed SHIB into a strong bear trend, indicating a significant downward movement. The Relative Strength Index (RSI) further confirmed the bearish sentiment, as SHIB dropped below 30 and entered the oversold zone.

Shiba Inu SHIB/USD

Source: TradingView

Simultaneously, the other ecosystem token, BONE, displayed a lackluster price performance in the same timeframe. As of this writing, it was trading at approximately $0.6, reflecting a loss of nearly 9%. Like SHIB, this token was also in a strong bear trend, with its RSI below 40.

Shiba BONE/USD

Source: TradingView

While the launch of the Shibarium mainnet holds the potential to trigger a rally in these tokens, the prevailing uncertainty surrounding its release may have a negative impact on their value. 


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SHIB’s burn rate surges

Despite the significant decline in value, there was a notable spike in the burn rate of Shiba Inu. According to Shibburn data, the burn rate of SHIB in the last 24 hours increased by an astonishing 4,000%. As of this writing, the burn rate stood at an impressive 4,181.09%, and over 227.4 million SHIB tokens have been burned. 

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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