Shiba Inu price is extending the meme coin hype with a 20% explosive move in 24 hours. The second most popular dog-themed token has obliterated one zero to trade at $0.00001149 at the time of writing. With the biggest obstacle at $0.00001 out of the way, the next critical level is the seller congestion zones at $0.000012 and $0.000014.
Analysts anticipate a massively bullish trend for Shiba Inu price in 2023, especially with the launch of Shibarium around the corner.
Will The Shibarium Protocol Propel Shiba Inu Price To The Moon?
The Shiba Inu community is anxiously waiting for the launch of Shibarium, Shiba Inu’s Layer-2 network. The development team has assured the ShibArmy that “Shibarium Beta is about to be launched” and that they need to be patient to ensure a correctly built protocol.
“Avoid asking when, because the answer will always be a ‘soon’. Yet with that being said we are approaching the finishing touches for Shibarium’s Beta and its imminent launch,” reads a statement on the Shiba Inu blog.
Although developers maintain that Shibarium is not “a price pumping tool,” analysts and the ShibArmy expect Shiba Inu price to rally following its release.
That said, Shibarium is a powerful Layer 2 blockchain designed to revolutionize the Shiba Ecosystem. The protocol will play a big role in scaling Shiba Inu as a blockchain while sustaining the link to the Ethereum network.
Layer-2 protocols like Polygon (MATIC) “provide the benefits of scalability, faster transaction times, lower fees, and an expanded development framework.” Shibarium use cases go beyond scalability for the Shiba Inu Network because it is developed to serve the metaverse, web3 innovation, and gaming.
Shibarium will see the Shiba Inu ecosystem become one of the most advanced in the crypto industry for “allowing faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain.”
The Shibarium protocol comes supported by a BONE, a token native to the new layer, used to pay for gas transactions and reward validators and delegators. Recent communication by the core development team informed users that Shibarium transactions will be used to burn SHIB.
(2) Shibarium Network on Twitter: “Shibarium Update 🧵 While on our last post we wanted to remind everyone that BONE 🍖 serves as the required gas token for operability within Shibarium, we also would now like to formally announce that each #Shibarium transaction will burn 🔥 SHIB. 1/2 🧵 https://t.co/zQRoOuL9oW” / Twitter
The community has been burning SHIB tokens to reduce both the total and circuiting supply. So far, slightly above 410 trillion tokens have been axed from the supply, with 571 trillion left in circulation. Shiba Inu currently has 589 trillion in total supply with 17 trillion staked tokens.
Shiba Inu Price Contemplates Another Big Move
Shiba Inu price continues to print green candles since the beginning of the year to the extent SHIB sits significantly above most critical levels. For instance, SHIB exchanges hands at $0.000011 way above the 50-day Exponential Moving Average (EMA) (in red), the 100-day EMA (in blue), and the 200-day EMA (in purple).
It is essential for Shiba Inu price to hold above the 200-day EMA at $0.00001150 to keep the uptrend intact ahead of a possible breakout from the falling trend channel. The Moving Average Convergence Divergence (MACD) indicator reinforces the optimistic outlook bulls see in Shiba Inu price, as it ascends from the mean line (0.00).
A buy signal was confirmed recently after the New Year holds in place with the MACD (line in blue) widening the divergence above the signal line (in red). On the upside, bulls must push past the falling trend channel’s resistance, a move likely to pave the way for gains to $0.000014 and $0.000018, respectively.
SHIB Is Bullish But Tamadoge Has a Better Risk/Reward Ratio
Tamadoge (TAMA) is a new cryptocurrency project built around the dog theme just like Shiba Inu. It stands out for its vast use cases as a play-to-earn and metaverse ecosystem. Unlike SHIB and other meme coins, working on creating value and utility way after their launch, the Tamadoge team saw the bigger picture right from the beginning.
It is this bigger picture that saw Tamadoge raise over $19 billion in the presale conducted in the middle of the 2022 bear market run. TAMA rallied by more than 2,000% following its listing on the OKEx exchange.
Furthermore, the token continues to perform well, with investors expecting a complete recovery back to the all-time high of $0.1944, although TAMA is trading at $0.0141 at the time of writing.
Tamadoge pets are virtual dog-like avatars that are sold for TAMA, which is minted as an NFT using smart contract technology. Each pet has its own unique traits, strengths, and weaknesses.
Tamadoge pets can take part in competitions and tournaments, and winners receive TAMA tokens. A Tamadoge augmented reality app will also be released in 2023, preserving the same player-to-environment dynamics as the existing web-based protocol, according to the Tamadoge whitepaper.
(2) CryptoCart 🛒 on Twitter: “@Tamadogecoin 🛒 Buy the gift cards you want with the cryptocurrencies you love. As always, we appreciate the support @Tamadogecoin army. https://t.co/3OQK7PtqWy https://t.co/6n1i5zCXH6” / Twitter
The group is also developing an arcade game in which players can take part in different Tamadoge activities and earn rewards. The public has been able to play the beta version of the arcade game, according to the team’s most recent communication.
Over 3,000 plays have been logged so far in the beta testing and counting. Users within the Tamadoge ecosystem can shop from a variety of international brands and purchase gift cards in addition to the metaverse and P2E platforms.
(2) TAMADOGE on Twitter: “Hey #TamadogeArmy!💪 Beta testing is going strong with 3069 total plays and counting!🤩 Looks like Super Doge is leading the pack as the most popular choice among our beta testers!🎮 #betatesting #gamimg https://t.co/y6DdMaDftB” / Twitter
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