• The proposed release of Shibarium contributed to improving sentiment towards SHIB.
• However, investors may be running out of patience.

The proposed launch of the long-awaited layer 2 Shibarium blockchain and the ongoing bull run in the general market has led to growth in Shiba Inu [SHIB] price and has resulted in improved sentiment since the start of the year, a new report de Santiment showed.

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Read Shiba Inu [SHIB] price prediction 2023-24

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shibary is a Layer 2 blockchain built on top of the Ethereum network and designed to work with the Shiba Inu ecosystem tokens, which include SHIB, LEASH, and BONE.

While the release date for the Layer 2 network is unknown, the developers of the project have informed the community that the beta version of the network will be rolled out soon.

Shibarium Update 🧵

As we get closer to the release of the next Shibarium Beta Network, we would first like to start by thanking the Shiba community for bringing so much energy and enthusiasm around the upcoming phased introduction.

1/6 🧵

— Shibarium Network (@ShibariumNet) January 4, 2023

Do not be fooled

Following a tumultuous close to the 2022 business year, SHIB’s value has rebounded tremendously since the year began. According to data from CoinMarketCap, the price of the meme coin has grown by 48% since January 1. At its current price of $0.00001203, the altcoin was trading at its level prior to the FTX crash.

An assessment of SHIB’s performance on the daily chart revealed that the meme coin had seen increased demand in recent weeks, causing coin accumulation to rebound to pre-FTX fallout levels in November 2022.

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How many SHIB can be obtained for $1?

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At the time of writing, the SHIB’s RSI was trending up at 68.62. Likewise, its Money Flow Index (IMF) was 73.59. These indicators have been on an uptrend since the start of the year, indicating that coin accumulation has grown since then.

Although the altcoin price had been on the rise, an assessment of SHIB’s Chaikin Money Flow (CMF) showed that the dynamic line (green) embarked on a downtrend since Jan. 17.

This created a bearish divergence which often suggests a sell signal. A CMF sell signal occurs when an asset’s price action develops a higher high in overbought zones, with the CMF diverging from a lower high and beginning to fall.

The bearish divergence in the SHIB market showed that underlying market conditions did not support the asset’s price rise and a potential reversal was imminent.

A look at the alt’s AROON indicator confirmed the weakness of the uptrend in the current SHIB market. At press time, the Aroon Up line was seen at 28.57%.

Usually, when the Aroon Up line is close to zero, the uptrend is weak and the most recent high was reached a long time ago. This is generally taken as an indication of a possible trend reversal.