Convergence

Rally

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Shiba Inu

Divergence

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 <p>The support accorded to&nbsp;Shiba Inu&nbsp;above $0.00001 has in addition to enhancing investor confidence absorbed the selling pressure due to profit booking activities. This stability can also be attributed to the potential launch of the&nbsp;Shibarium layer 2 protocol.</p>  
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 <h2 id="shib-price-rides-the-shibarium-launch-wave">SHIB Price Rides The Shibarium Launch Wave</h2> 
 <p>The Shiba Inu community is looking forward to the launch of the layer 2 scaling protocol Shibarium set to be a game-changer for the ecosystem.</p> 
 <p>Shibarium is a Layer-2 protocol that will enhance the Shiba Inu ecosystem by enabling faster, cheaper, and more scalable transactions on the Ethereum network.</p> 
 <p>The new protocol is expected to go live after a Toronto conference, starting on August 15, 2023, and will feature a native token called BONE, which will be used to pay gas fees and reward validators.</p>  
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 <p><a rel="noopener noreferrer nofollow" title="Shibarium" href="https://thebittimes.com/tag/shibarium.html">Shibarium</a> will also support various Shiba Inu-based tokens, such as <a rel="noopener noreferrer nofollow" title="SHIB" href="https://thebittimes.com/tag/shib.html">SHIB</a>, LEASH, TREAT, and SHI, and will integrate with ShibaSwap, the decentralized exchange of the project.</p> 
 <p>Shibarium could boost the price of SHIB by increasing its utility, demand, and deflationary pressure.</p> 
 <p>Meanwhile, traders would be looking forward to a successful rebound of <a rel="noopener noreferrer nofollow" title="SHIB" href="https://thebittimes.com/tag/shib.html">SHIB</a> price above the upper descending support, currently serving as the immediate support.</p>  
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 <p>Traders already with exposure to long positions in <a rel="noopener noreferrer nofollow" title="SHIB" href="https://thebittimes.com/tag/shib.html">SHIB</a> will likely hold steady now that the buy signal from the Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook.</p> 
 <figure id="attachment_156583" aria-describedby="caption-attachment-156583" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-156583" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201144%20607'%3E%3C/svg%3E" alt="Shiba Inu on the rise above $0.00001" width="1144" height="607" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/27b6b94e8b55ad8e2e900f71cab6d91a.webp"> 
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  <figcaption id="caption-attachment-156583" class="wp-caption-text">
    SHIB/USD daily chart | Tradingview 
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 <p>With the 50-day Exponential Moving Average (EMA) indicator almost flipping above the longer-term 100-day EMA (blue), a golden cross pattern would come into the picture, possibly propping SHIB for an extended rally targeting levels at $0.000014, $0.000016, and $0.00002.</p> 
 <h2 id="whales-throw-their-weight-behind-shiba-inu-rally">Whales Throw Their Weight Behind Shiba Inu Rally</h2> 
 <p>Etherscan shows the emergence of a brand-new whale who made a massive purchase of SHIB tokens worth approximately $48 million.</p> 
 <p>Although still unknown, the wallet which received 4.59 trillion SHIB, immediately climbed the ranks among the top SHIB whales.</p> 
 <figure id="attachment_156584" aria-describedby="caption-attachment-156584" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="size-full wp-image-156584" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20696%20158'%3E%3C/svg%3E" alt="Whale purchases $48 million SHIB" width="696" height="158" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/14/b174baaf0b04a31eee34741effd2be1f.webp"> 
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  <figcaption id="caption-attachment-156584" class="wp-caption-text">
    New Shiba Inu whale 
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 <p>It is generally believed that this whale is preparing for the launch of Shibarium Mainnet, which could propel Shiba Inu to higher levels with the above target at $0.00002 seeming extremely conservative.</p> 
 <p>For now, Shiba Inu must hold support above $0.00001 to keep buyers interested and sellers at bay. Declines below this level may jeopardize the expected rally but also offer sidelined investors a chance to buy lower-priced <a rel="noopener noreferrer nofollow" title="SHIB" href="https://thebittimes.com/tag/shib.html">SHIB</a> tokens.</p> 
 <h3 id="related-articles">Related Articles</h3> 
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  <li>ETH Price Signals Huge Move To $2,400 – Are Bulls Back?</li> 
  <li>Breaking: Coinbase Officially Launches Crypto Exchange Services In Canada</li> 
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Shiba Inu On The Move As Shibarium Launch Approaches

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