Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, has shared an exciting message with the SHIB community in the official Shibarium Telegram group today. It comes at a time when the SHIB price is facing a make-or-break moment, as NewsBTC reported yesterday.
Exciting Updates For The Shiba Inu Community?
The lead developer was responding to a user of the group who pointed out that the last Medium update on the ongoing development of the layer 2 network was made a while ago. Kusama responded that the project is progressing rapidly and that members of the Shiba Inu community already have plenty of updates:
I think the army has plenty of updates as the chain activity and all the tokens are very public. We’re in go mode, not bro mode.
What exactly Kusama means by this can only be speculated. In the last medium update on Shibarium, he announced that the layer-2 technology will be released on the mainnet before the end of 2023. However, an exact date is not yet known. The latest comment by Kusama suggests that significant progress is currently being made towards the mainnet launch.
On the other hand, the Shiba Inu lead developer could just be hinting at the progress being made throughout the ecosystem. Bone Shibaswap (BONE), the governance token of the Shibaswap ecosystem, recently received a listing from the major crypto exchange OKX. In addition, Kusama recently announced the forthcoming release of ShibaSwap 2.0 in a Telegram message.
Remarkably, it is not uncommon for Kusama to use metaphors to announce progress in the Shiba Inu ecosystem. Even before the launch of the beta version of Shibarium, the developer posted numerous encrypted messages. Just yesterday, Kusama stated that he was working with Shiba Inu team members to achieve “the impossible.”
SHIB Price Still Faces Make-Or-Break Moment
The deep correction in the crypto market has caused the Shiba Inu (SHIB) price to break down an ascending triangle pattern that has been developing since early March. Now SHIB is trading near the crucial support level at $0.00001005.
If SHIB breaks this level to the downside as well, the uptrend that started earlier this year would be in jeopardy. SHIB needs to stay in the trading range between $0.00001005 and $0.00001151 to avoid a break of the trend in the higher time frame.
If the bulls fail to defend the trading range, a decline to $0.00000965 would be the most likely scenario before SHIB could possibly fall back to the $0.00000855 price level.
Currently, a symmetrical triangle pattern has formed in the 2-hour chart. An upward breakout towards the middle part of the aforementioned trading range is key (near $0.00001096). Otherwise, a break to the lower levels could be next.Shiba Inu price, 2-hour chart | Source: SHIBUSD on TradingView.com
Featured image from Rayne L. / Unsplash, chart from TradingView.com