Shiba Inu Price Prediction: SHIB Slides Down 4% - Temporary Dip or More to Come?

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Shiba Inu (SHIB) price lost 4% in market capitalization as of August 22 due to network shutdown. This followed the technical issues surrounding the Shibarium launch. However, the decline appears temporary as developers are initiating network restart efforts.

Shiba Inu marjet cap — Source: CoinMarketCap

Shibarium Launch Takes a Downward Turn: Shiba Inu Value Plunges Amidst Glitches

The highly anticipated launch of the Shibarium protocol was designed to bring decentralized finance (DeFi) capabilities to the Shiba Inu ecosystem. However, things turned out unexpectedly, causing a significant plunge in SHIB’s value. A notably ambitious attempt to transfer $1.7 million worth of Ethereum (ETH) was trapped for five hours. This highlights the magnitude of the setback.

🚀The @ShibaInuSwap team in their blog announced the start of the third day of work on the restart of the Shibarium mainnet.

❗Recall, on August 16, Shiba Inu launched the main #Shibarium network. However, after the launch, the network “broke down”, transactions hung in standby… pic.twitter.com/kxzyXvQOYB

— DeFiBuzz (@DeFi_Buzzz) August 21, 2023

Furthermore, technical glitches marred the launch, erasing hopes of transforming SHIB transactions. The value of SHIB plummeted due to the launch failure, leaving investors anxious about their investments and igniting panic selling.

The network encountered multiple freezes almost immediately after the launch, plunging the occasion into a perplexing stop-and-start cycle. Thus, disappointment and growing fear, uncertainty, and doubt (FUD) gripped SHIB holders and enthusiasts. This unforeseen turmoil rippled through wallets, causing Shiba Inu tokens to plummet by 12% within 24 hours.

In response, Beosin_com, a prominent name within the blockchain arena, advocated for a prudent pause on Shibarium activities. Their rationale was straightforward: prioritizing safety becomes paramount when substantial value is on the line.

However, amid the gloom, large-scale buyers, or “whales,” have seized the opportunity to accumulate trillions of SHIB at reduced prices. Their involvement signifies belief in SHIB’s long-term potential, potentially restoring confidence.

whale 🐳 continues buying shiba inu this down market.🧐
Shiba inu price 0.00000550 possible 🤔 If yes so that's a good buying zone for mid term.#SHIBARMY #ShibaInu pic.twitter.com/aSzDLbnBaT

— Crypto Arup💎 (@TrickyArup) August 21, 2023

Recognizing that Shibarium’s failure does not spell the end for Shiba Inu’s ecosystem is crucial. Meanwhile, developers are learning from this setback and addressing the technical flaws. Despite all this, SHIB remained the fourth trending cryptocurrency on CoinMarketCap.

Ball Exchange Responds to Shibarium Setback: Progress and Preparations for Reopening

In response to the recent Shibarium setback, Ball Exchange has issued a statement outlining its efforts to address the situation. After two days of intensive testing and parameter adjustments, Shibarium is now in an enhanced and optimized state, even though it remains in the testing phase. Notably, it has successfully started producing blocks, signaling progress.

#Shibarium Scaling Update 4
After two days of testing and tweaking parameters to achieve "ready" state #Shibarium is now enhanced and optimized. As mentioned it is still in testing, but producing blocks.

Moreover, we have enabled a new monitoring system and additional fail safes…

— Mercury (@MercuryAptos) August 22, 2023

Ball Exchange has taken steps to enhance stability, including a new monitoring system and fail-safe measures such as rate limiting and auto server reset to manage potential traffic surges. With these improvements, the platform is preparing to reopen to the public. This reaffirms Ball Exchange’s commitment to refining Shibarium and ensuring a reliable user experience in the Shiba Inu ecosystem.

SHIB Price Analysis

Shiba Inu price chart reveals a drop below the critical support level of $0.00000837. This level has now transformed into an initial resistance level. Following the launch of Shibarium on August 16, prices plummeted by approximately 12% in a single day. This followed the network collapse shortly after the mainnet release.

After this decline, there was a partial recovery of 5.54% on the subsequent day. Substantial purchases from large holders catalyzed this. Despite this, the overall outlook dimmed due to the ongoing impact of the network collapse. This resulted in prices being burdened over the subsequent three consecutive trading sessions. Ultimately this led to a total decline of 10%.

As of today, price movements are displaying a struggle for direction. However, considering the technical perspective, further decline remains feasible. Notably, the MACD histograms are heavily soaked in red, accompanied by significant trading volume. Simultaneously, the Stochastic Oscillator is on the verge of entering the oversold territory. Both of these signal a bearish trend in the market.

The crossover of the EMA 50 and 200 EMA, initially indicating a positive sentiment, reversed course following the Shibarium launch. This reinforces the negative feeling and suggests a potential bearish trend continuation.

At present, price levels find support at $0.00000702. A breach and subsequent close below this point would set the stage for the next support level at a psychological threshold of $0.00000600. However, the possibility of a price surge looms if the Shiba Inu team can promptly revive the network. Should this occur, prices will confront initial resistance at $0.00000837. This will before potentially advancing further towards the $0.00001020 mark.

Promising Alternative to SHIB

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A notable shift in investor focus toward these projects has taken place. These assets are yet to be listed on exchanges, so they remain insulated from market volatility. This inherent resilience provides a protective shield, bolstering presale ventures before their official launch.

One prime example is Launchpad XYZ, a user-centric gateway that democratizes Web3 accessibility. The platform achieves this by offering insights and metrics across diverse Web3 sectors through an intuitive, personalized interface.

Central to the project is an advanced ranking system called LPQ. This system employs over 400 variables, encompassing social, financial, and market data. Its output is a trustworthiness score attributed to different digital assets.

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LPX Token: Fueling Launchpad XYZ

The native cryptocurrency of the project, LPX, holds a value of $0.0445. A staggering $1,368,624.55 has been raised through LPX token presales. LPX serves as the driving force behind Launchpad XYZ, affording users access to premium services. Other perks include new presales, NFT mints, and reduced trading fees upon purchase and staking.

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— Launchpad.xyz (@launchpadlpx) August 18, 2023

Presale Phases and Usage of Funds

The presale comprises ten stages, with the final phase seeing token listing at $0.0565. Ether (ETH), Binance tokens (BNB), US dollars (USDT), and cards are acceptable modes of token acquisition. The presale is capped at 250 million tokens out of a total supply of 1.025 billion. Proceeds from the presale will fund platform development, marketing, user acquisition, and market-making efforts.