What Shibarium’s launch means for Shiba Inu traders

• Shibarium’s launch is most likely to happen in August 2023.
• SHIB’s price action was bearish, but a few metrics suggested the possibility of a trend reversal.

Shiba Inu’s [SHIB] much-awaited Shibarium launch might happen sooner than expected. As per the latest information, the launch can take place in the coming months. Can the Shibarium launch finally provide support to SHIB’s dwindling price action? 

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

All about Shibarium’s latest update

LUCIE, a Twitter handle that posts updates related to the Shiba Inu ecosystem, posted a tweet on 24 May that shed light on the Shibarium launch.

As per the tweet, the Shiba team is confident about the launch and has multiple teams working on it, including AI integration. 

The team’s estimate is for 2023, and the focus is on sustainable growth. The testing processes and security audits are crucial before the launch.

The launch is expected to happen somewhere between Q2 and Q3 of 2022. In fact, the chances of Shibarium launching in August is also high. 

The current state of Shiba Inu’s Shibarium

As the crypto community keeps a close eye on Shibarioum’s launch, its beta version’s current stats look satisfactory. As per the official website, Shibarium has a total of 16 validators.

Additionally, Shibarium’s total stake exceeded 505 million BONE, while the total reward distributed crossed 119 million BONE. 

Source: Shibariumtech

SHIB facing the heat

SHIB’s response to the Shibarium launch update was not as expected. According to CoinMarketCap, SHIB’s price declined by more than 2% in the last 24 hours.

At the time of writing, SHIB was trading at $0.000008439 with a market capitalization of over $4.9 billion. However, a look at SHIB’s on-chain metrics gave some hope for better days ahead. 

Should investors expect a pump?

As per CryptoQuant, SHIB’s exchange reserve was declining. A decline in the metric indicates that the memecoin was not under selling pressure, which is a bullish signal.

Additionally, SHIB’s daily active addresses were also high, as were the number of transactions.

Santiment’s chart revealed that SHIB’s exchange outflow spiked lately. Nonetheless, SHIB’s MVRV Ratio was substantially down, which is generally bearish.

Source: Santiment

Realistic or not, here’s SHIB market cap in BTC‘s terms

Confidence in Shiba Inu is low

It was also interesting to see that SHIB remained a topic of discussion in the crypto space. This was evident from its relatively high social volume.

However, most of the mentions around Shiba Inu seemed to have been bearish. SHIB’s weighted sentiments declined sharply, suggesting negative sentiments around the memecoin were dominant in the market. 

Source: Santiment