The second-largest meme coin in the crypto-verse, Shiba Inu (SHIB) has been becoming an attractive asset for the bulls. The meme coin has been enjoying solid support from investors.
The bears have been trying to pull the trading price of SHIB below $0.00001210 but the bulls are still confident. They want to go for high gains for the asset to push its trading price higher in the upcoming days.
Bulls are Determined
The bears have continued increasing their selling pressure but the bulls have managed to show their resilience at the solid support level.
Once again, the bulls are ready to hit back and they want to push the trading price of SHIB much higher than they had achieved in the recent sessions.
The factor now supporting the bulls is none other than the Shibarium launch. Although the developers have reported that only the beta version of Shibarium will be launched, still, it has boosted the confidence of the investors.
They have aligned in favor of the meme coin and are ready to increase their buying power to push the asset’s price higher.
The bulls are determined and they will soon provide their full support to the meme coin. As of now, the trading price of SHIB is in the red zone.
The decline recorded for SHIB is not because of the negative updates pertaining to the meme coin. Instead, it is due to the overall downtrend of the cryptocurrency industry.
Interest Rate Hikes
The overall crypto market decline was recorded due to the latest inflation data shared by the government of the US. With the data coming in higher than expected, the Feds are not going to lower the interest rate hikes.
This means that the Feds would move the interest rates in the other direction. This way, the dollar price would surge while all other currencies, no matter the cryptocurrencies would also plunge.
This is what is being witnessed in the trading prices of the overall crypto market, which includes the second-largest meme coin.
Hong Kong’s New Crypto Policy Guidelines
Hong Kong is expected to help a lot of help to the cryptocurrency industry. According to the reports, Hong Kong is set to introduce new policies and guidelines pertaining to cryptocurrencies.
With the introduction of new guidelines, the country is aiming to become a hub for cryptocurrencies. It wants to offer a platform to the crypto firms where they can thrive and expand.
The crypto market will get to expand so much in Hong Kong and things would become quite promising for the meme coin as well.
Busy Year for SHIB
Despite the recent downtrends and regulatory tightening, there is a strong possibility that the price of SHIB may rise in 2023.
The cryptocurrencies would continue gaining strong momentum and the situation may continue getting more bullish for most of the cryptocurrencies.
Shiba Inu is to benefit from the launch of its layer-2 blockchain network as well. For a while, the developers behind Shiba Inu have been boasting about the development of their revolutionizing blockchain upgrade, dubbed “Shibarium”.
As the new protocol is launched, the adoption level for the meme coin would surge tremendously. As per the officials, the Shibarium upgrade will be launched in the month of March.
However, it will be the beta version of the layer-2 blockchain. The teams are aiming to launch the mainnet of Shibarium in May 2023.
With the implementation of Shibarium coming to a close, the investors have grown very excited. The positive factor for SHIB is the burning activity that has surged tremendously.
As part of the program, the system has recently burned 410 trillion SHIB. As a result, the total supply of SHIB tokens has surged to 589 trillion.
This means that the trading volume for the asset would surge higher and going forward, the trading price of SHIB would surge tremendously.