• Shiba Inu (SHIB) traded to lows of $0.0000072 before bouncing to $0.0000087 amid a wider crypto sell-off.
• Declines for SHIB came after the launch of the cryptocurrency’s layer-2 network Shibarium ran into issues shortly after launch.
• The latest update from the team has provided optimism for a swift reboot, with SHIB price turning green on the 24-hour time frame.
Shiba Inu Price Outlook
Shiba Inu (SHIB) traded to lows of $0.0000072 before bouncing to $0.0000087 amid a wider crypto sell-off as Bitcoin fell to lows of $25,600. SHIB price could recover to the psychological $0.00001 or see fresh declines to major support levels.
Issue with Shibarium
Declines for SHIB came at a time the SHIB army – a passionate community of SHIB holders – was looking to navigate a major setback related to the cryptocurrency’s layer-2 network Shibarium which launched but faced some issues shortly after its launch due an unprecedented traffic on it’s platform .However, developer Kaal Dhairya has assured users that their funds were safe and secure during this incident .
Positive Update from Team
The latest update from the team has nonetheless provided optimism for a swift reboot, more so after it was revealed Shibarium was getting help from major players within the ecosystem which in turn saw SHIB price turn just green as seen on the 24-hour time frame .
Price Outlook After Setback
The 4-hour chart below shows SHIB has bounced from lows of $0.00000726 to intraday highs of $0.0000087. Although its unclear when the Shiba Inu L2 platform reboots,the community’s response and positive update from team have seen SHIB price increase overall despite facing some setbacks initially .
Conclusion
In conclusion , although Shiba Inu experienced some setbacks with their layer 2 network , they remained resilient and positive throughout due to support form strong ecosystem partners and their dedicated shib army members . This positivity is reflected in their prices which are slowly recovering despite market volatility .