• Shiba Inu price dropped 11% due to investors taking profits after the news of the launch of the ecosystem’s Shibarium Layer 2 protocol.
• The crypto community expects Shiba Inu’s upward trajectory to continue in 2023 due to the launch of the Shibarium Layer 2 protocol.
• The development team has informed the Shiba Inu community that the beta version of the ecosystem’s Layer-2 network „is about to be launched“.
The digital asset market has seen quite a few ups and downs in the past few weeks, with Shiba Inu (SHIB) being no exception. On Thursday, the Shiba Inu price dropped 11% during the early Asian trading hours as investors chose to take profits instead of following the hype of the meme coin that had seen it increase by over 20% the day before.
The recent slump in SHIB’s price comes despite the news of the launch of the ecosystem’s Shibarium Layer 2 protocol. The crypto community had expected the news to push the price higher, but investors seemed to be more in favor of taking profits for the time being. In order to achieve a sustained recovery, the SHIB Army will have to break through the resistance at $0.000012 and $0.000014.
The development team behind Shiba Inu has informed the community through a January 15 blog post that the beta version of the ecosystem’s Layer-2 network „is about to be launched“. They asked the community to remain patient and allow for the protocol to be built appropriately. The blog post highlighted the importance of the Layer 2 protocol, which is expected to provide the Shiba Inu network with higher speed, scalability and privacy.
The crypto community is expecting Shiba Inu’s upward trajectory to continue in 2023 due to the launch of the Shibarium Layer 2 protocol. The Layer 2 protocol is expected to fuel the growth of the SHIB token and allow users to access a range of decentralized applications. It is also expected to provide a platform for developers to create new applications and services, which could lead to further adoption of the token.
It will be interesting to see how the launch of the Layer 2 protocol will affect the price of Shiba Inu. Investors will be watching the token closely to see if it can break through the current resistance levels and achieve a sustained recovery. The crypto community is hopeful that this will be the case and that Shiba Inu will continue to increase in value in the coming months.