The trading price of Shiba Inu (SHIB) experienced a gigantic plunge that was triggered due to the recent bloodbath of cryptocurrency.
SHIB Bleeds Badly
As the cryptocurrency industry suffered a bloodbath, the trading price of Shiba Inu experienced an even worse situation. SHIB’s trading price reportedly suffered double-digit losses.
Despite suffering huge losses, the analysts as well as the SHIB community think that there is still hope for the meme coin to move towards the recovery phase.
The recovery being suggested by the analysts is through the implementation of Shibarium. The development teams at Shiba Inu revealed that for now, they will be implementing the beta version for the Shibarium.
As per the development teams, they are expecting a surge in the price of Shiba Inu once the beta is launched.
Crypto Bloodbath Caused SHIB to Bleed by 10%
The majority of the cryptocurrencies suffered a huge loss due to the recent bloodbath that was triggered throughout the cryptocurrency industry. The largest cryptocurrencies in the entire crypto-verse were the ones that suffered the most terrifying bloodbaths and SHIB was among them.
Even Dogecoin (DOGE) was unable to perform and save itself from taking the toll due to the bloodbath. DOGE’s price also ended up facing a huge drop and it doesn’t have a backup as effective as SHIB to get through the difficult times.
A look at the price chart for SHIB shows that it has experienced an 18% dip in its price since June 26. However, the 4-hour MRI suggests that SHIB’s price may start experiencing a recovery and attempt to retest $0.0000104.
According to the experts, the fundamental reasons have led to Shiba Inu experiencing a rally following the bloodbath of the meme coin. As per one of the experts, the rally being recorded for SHIB is due to the launch of the new SHIB protocol, known as ‘Shibarium’.
Another reason behind the rally of SHIB is the burning of the SHIB tokens that was carried out recently. As per the reports, 400 trillion SHIB tokens have been burnt so far that have helped form a strong rally in favor of the meme coin.
These are the factors that have resulted in forming a parabolic line on which SHIB seems to be traveling at present.
Release of Shibarium Beta
The development teams behind Shiba Inu have revealed that they are working hard to add a layer-2 solution to Shiba Inu. The name of the new layer is going to be Shibarium and on top of that, they are also working on the launch of Shiba Games.
The teams have revealed that they are aiming to launch both projects somewhere in the third or fourth quarter of 2022. It is expected that given the recent growth SHIB is exhibiting, the teams will expedite the process of launching both projects to keep the rally going.