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Shiba Inu is one of the most purchased cryptocurrencies by Ethereum whales
Price action remains bearish despite Sibarium update
SHIB May Continue Downtrend Without New Developments Happening
The memetic cryptocurrency Shiba Inu (SHIB/USD) is once again on the whales’ radar. According to Whalestats, Shiba Inu is one of the most purchased. Cryptocurrency Among Ethereum whales. There’s a reason whales have been eating so much since the beginning of the year.
In a December 29 tweet, Shiba Inu lead developer Toshitoshi Kusama heightened speculation about an update to Shibarium. Shibarium will be a layer 2 solution that expands the use cases of the Shiba Inu ecosystem. This update includes new features such as the Shiba Inu Metaverse and blockchain games. These are expected to be game-changers that tilt Shiba Inu from his current meme-him label and give him a competitive edge in Web3.
According to Kusama’s tweet, Shibarium will be launched “soon.” The developer expressed optimism after meeting with “United UND Team on Sibarium”. As you know, Shibarium’s late update was a bane for his SHIB. At the same time, frequent updates on Sibarium have not paid off these days. The latest update is positive, but speculators are voicing caution as SHIB prices remain weak.
The outlook on the daily chart shows that SHIB is bearish and SHIB continues its downtrend. Cryptocurrencies are recovering in the short-term, with the RSI above the midpoint. The SHIB is retesting potential short-term resistance at $0.0000085. The price has already faced some rejections at the level and a correction is imminent.
The Shiba Inu remains bearish despite the increasing accumulation of whales. Potentially, Civalium renewal and Whale accumulation are bullish triggers. However, investors are hoping that the update will come later. For now, investors should watch closely. buy sib On a confirmed bullish reversal.
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