SHIB Price Analysis: Shibarium Announcement Drives Shiba Inu Higher

Shiba Inu (SHIB) is back above the key $0.000031 as buyers return to the crypto market, powered by optimism after Bitcoin shoots past the $44,000 mark and enjoys the longest rally in over four months. At the time of writing, SHIB/USD is trading around $0.000033.

Over the past week, SHIB has strengthened by over 51% and seen its trading volume spike sharply since the beginning of this week. The improvement in the crypto market sentiment has encouraged more buying action in the second most popular memecoin, driving the recent bullish price action.

SHIB is also trending higher after the official Shiba Inu Twitter account announced the upcoming launch of the Shibarium public test of the network. The Layer 2 solution will enable faster and cheaper transactions of Shiba Inu, a key feature which will support its adoption among gamers as the memecoin gets ready to enter the GameFi space.

Shiba Inu games, plans of which were announced in the 2022 roadmap, would require Shibarium which will offer a more optimised experience on transacting with SHIB tokens. At present, the L2 network’s private testnet is live as developers continue to work on it before releasing it to the public.

Meanwhile, one of the biggest fans of the Dogecoin killer and founder of Bigger Entertainment, Steven Cooper, continues to press ahead with his plans to accumulate and burn SHIB tokens to send its price higher. His firm has curated numerous playlists which SHIB holders can pay and access.

The SHIB earned from this, the burn parties hosted and games purchased are then sent to a burn wallet for destroying to create a deflationary pressure and support Shiba Inu’s price. His firm’s moves have so far removed more than 1.1 trillion SHIB tokens from distribution in an attempt to take its price to $0.01.

SHIB/USD Technical Analysis

On the H4 chart of SHIB/USD, moving averages and the MACD are flashing buy signals. However, the RSI and momentum indicators are pointing to some selling interest in the market as well.

Shiba Inu’s price has crossed the pivot point at $0.000025 and buyers have managed to break past the first resistance at $0.000031 a little while ago. Let’s see if the buying pressure can take SHIB past the next resistance at $0.000034 soon.