A Bloody Weekend In The Making?

Meme coins weren’t spared during the latest crypto carnage. Alongside top cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and others, Shiba Inu [SHIB] as well as Dogecoin [DOGE] witnessed a huge plummet. It looks like this trend could be carried onto the weekend as well, with increased selling activity taking center stage.

At press time, SHIB was trading for $0.000009842 with a 9.60%. The asset dipped from a high of $0.00001106 to a low of $0.000009728.

The daily chart of Shiba Inu highlighted that the asset broke past a major level of $0.0000107. Now, this line is acting as resistance. If SHIB persists in this ongoing notion, it could dip to a low of $0.00000954 which is an immediate level of support. $0.00000785 could also be on the cards for the meme coin.

The Relative Strength Index [RSI] indicator suggested that Shiba Inu was transitioning into the oversold zone. With increased selling activity in the market, the meme coin could be in the red zone through the weekend.

Could Shibarium come as the meme coin’s saving grace?

Earlier this week, the Shiba Inu network revealed that the much-awaited launch of Shibarium’s beta version would be released this week. The layer-2 update is expected to bring about great gains for the Shiba Inu network.

Even though SHIB’s offspring, BONE will play an integral part in this development, the entire network will benefit. Therefore, SHIB might expect a revival in its price following the launch of Shibarium.

70% of Shiba Inu holders are now at a loss

At the meme coin’s current prices, more than half of its holders were suffering major losses. A dainty 27% of them were pocketing profits, and 70% of the assets’ holders were at a loss.

Considering the ongoing market conditions, the fate of the token Inu remains uncertain. If Shibarium’s launch goes as planned, things could look much better for SHIB holders.