- Shiba Inu price has been in a tight range in the past few weeks.
- Investors have been focusing on Shibarium launch and Bonk.
Shiba Inu price has been under pressure as Bonk steals the show and investors wait for the upcoming Shibarium launch. SHIB was trading at $0.0000085, where it has been in the past few days. This price is about 90% below its all-time high.
Shiba Inu vs Bonk
Shiba Inu price struggled in the first week of the year as investors shifted their attention to Bonk. For starters, Bonk is a new Shiba Inu themed token, the first of its kind, built on Solana’s technology. Like other meme coins like Shiba Inu, Tamadoge, and Floki Inu, Bonk does not have any real utility.
Instead, the developers hope that the token will play an important role in Solana’s ecosystem. For example, some Bonk tokens have been allocated to OpenBook, the new platform that aims to be an alternative to Serum.
So, which is a better investment between Shiba Inu and Bonk? Both meme coins have no major utility, which makes them highly risky investments. Indeed, Shiba Inu investors have lost billions of dollars in the past few months. The only winners were insiders who created it and sold at the top. Therefore, I suspect that Bonk price will come tumbling down soon.
Find out how to buy Shiba Inu.
Shibarium launch date
The main catalyst for Shiba Inu price is the upcoming Shibarium launch. For starters, Shibarium is an upcoming network upgrade that is meant to create more utility for Shiba Inu’s ecosystem. It is also meant to improve speed and lower costs for the token.
Shibarium is a layer-2 network, similar to Polygon and Arbitrum, that will improve the network’s scalability. By processing transactions off-chain, Shibarium will help the network solve some of the biggest existing challenges like high cost of transactions and slow speed.
Another benefit of Shibarium is that it will bring more developers to Shiba Inu’s ecosystem. For example, it will be possible to develop apps in DeFi and NFTs using its technology.
Some analysts believe that Shiba Inu price will do well before and after the Shibarium launch. However, history suggests that the opposite will happen as we saw with Ethereum price action during the merge.
Shiba Inu price prediction
The daily chart shows that the SHIB price has been in a strong bearish trend in the past few months. It has moved below all moving averages and is sitting slightly above the important support level at $0.00000070, the lowest level in 2022.
Shiba Inu price has formed what looks like a double-top pattern. Therefore, I suspect that the token will have a bearish breakout as sellers target the next psychological level at $0.00000050.
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