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Shiba Inu briefly moved up by 6% today before going through a minor retrace. The world’s second-leading meme coin is still up 0.45% in the last 24 hours. This pump intersects with the latest Shibarium update.
Good morning, #SHIBARMY Have you caught up with our latest Shibarium update on our blog? If not, here’s your chance: https://t.co/l1fIZfMrf8 #Shibarium
— Shib (@Shibtoken) August 18, 2023
Is it time for investors to jump back in, or should they wait until an uptrend is established?
Shiba Inu Jumps Up By 0.46%
The announcement by the Shiba Inu devs that Shibarium has gone live pushed the value of this meme coin up in the last 24 hours.
However, it didn’t last long, as a correction followed the brief 6% jump. The token remains volatile but has increased by 0.46% in the last 24 hours. At 3:30 am EST, SHIB is valued at $0.0000083.
There has also been an equally marginal uptick in its market capitalization. However, SHIB’s 24-hour trading volume has declined by 40%.
The decline in the trading volume could mean many are holding this token for an uptrend. Can it happen?
Shibarium Launch a Success, But Shiba Inu Price Performance Still Remains Lukewarm
The launch of Shibarium is Shiba Inu’s attempt to shed its meme coin beginnings. It seeks to be counted among valuable, utility-focused assets that can bring more value to investors than just providing them with memes.
Shibarium is the L2 blockchain that claims to deal with the key issues of the Ethereum blockchain – slow transaction speeds and high fees.
There are three core utilities of Shibarium: Bridge, delegation, and validation.
The Bridge connects Ethereum and Shibarium ecosystems, allowing ETH-based assets to take advantage of the tighter and more convenient Shibarium blockchain. The delegation will enable investors to delegate their tokens and earn rewards. The third utility of Shibarium – validator – is yet to arrive.
Taking to Coin Telegraph, Shytoshi Kusama, Shiba Inu’s lead developer, said that the tech world is looking for an “everything app,” Shibarium wants to deliver it within a decentralized ecosystem.
Helping with this would be the delegator and validator aspects of the L2, according to Shytoshi.
“But the true innovation lies in the framework, governance, and charter,” he added.
“By using Shibarium for governance in this system, alongside self-sovereign identity to ensure quality membership (Shibizenship), the metaverse as our territory, and the ability to partner with other like-minded states, we have effectively shattered what nationhood is and rebuilt it upon the Shib ethos of decentralization!”
Despite these positive notes, people’s reactions to Shiba Inu have been lukewarm. The lack of a pump may also have to do with Bitcoin’s recent downturn. But can Shiba Inu will pump higher if Bitcoin gets its pace back?
Shiba Inu Price Analysis
The hourly candle chart shows Shiba Inu moving up mildly, with few long green candles.
The chart shows its growth stagnates, indicating long-term consolidation around the current price level.
From a technical perspective, the token’s RSI is in the middle, and its MACD is negative, indicating that people aren’t bullish about SHIB.
However, if Bitcoin moves up, Shiba Inu may be able to attract some attention.
Chimpzee – Better Alternative to Shiba Inu
While Shiba Inu is still trying to gain traction and remove itself from the meme coin label, Chimpzee is a green crypto project that is using the combination of humor and activism to create an ecosystem where endangered species are protected, climate change is fought against, and users have multiple ways to generate passive gains.
For that, this project has implemented three earn mechanics.
With Shop to Earn, users can earn CHMPZ tokens by buying gear from the Chimpzee shop.
Trade to Earn will allow users to earn tokens by interacting with Chimpzee’s NFT marketplace.
Finally, Chimpzee’s Zero Tolerance game introduces a P2E utility where users earn CHMPZ tokens by performing set tasks.
These factors have bolstered community interest in this token, pushing its current presale, which has already raised $1.23 million. Those who wish to become early movers can visit chimpzee.io today.
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