Shiba Inu coin (SHIB) price remains unfazed by the much-anticipated launch of layer 2 Shibarium. The layer 2 blockchain fizzled out shortly after its launch. Consequently, the team took the network private and launched it again. However, SHIB price is yet to react to the bullish development.

On Monday, altcoins extended their losses as the BTC price remained virtually unchanged for the past few days. At press time, the biggest cryptocurrency by market cap was changing hands at $26,100. Due to the weakness in Bitcoin, many investors are taking a risk-off approach by realizing their altcoin losses. After a 3.25% drop last week, Shiba Inu coin fell by another 0.12% on Monday.

Shibarium Relaunches With Sluggish Withdrawals

As per the latest SHIB news, the Shibarium blockchain is fully functional after initial hiccups. The Shibarium bridge is also live, and the users can finally withdraw their funds from the Layer 2 network. Due to the congestion issues after the launch, millions of dollars remained stuck on the L2 bridge for over a week.

According to the lead developer Shytoshi Kusama, the withdrawals from Shibarium bridge may take 45 minutes to 3 hours. However, BONE token withdrawals may take as long as 7 days. Shiba Inu coin price didn't show any increase in volume despite Shibarium relaunch. Many memecoin enthusiasts had accumulated SHIB in anticipation of a pump after the L2 launch.

Shiba Inu (SHIB) Underperforms Bitcoin

Instead of the SHIB price in terms of USD, many traders trade the memecoin in SHIB/BTC pair. The pair shows the strength of the Shiba Inu coin in terms of Bitcoin. A look at the following chart reveals that the coin is losing strength in BTC after a significant rally in July.

It also suggests that the investors are taking a risk-off approach and preferring Bitcoin over the memecoins like SHIB. The top memecoin is currently retesting the 0.000000000304 support level on its BTC chart. A failure to rebound from the current level might trigger another bearish leg to the downside.

Shiba Inu Coin Price Prediction

The following SHIB coin chart shows that the memecoin has disappointed the short-term traders who bought it before the Shibarium launch. These traders were anticipating quick profits due to the hype surrounding the L2 launch. However, the price entered into a deep correction after an initial surge at the start of August.

Shiba Inu coin price prediction might turn even more bearish if the memecoin breaks below the $0.0000077 level. I have repeatedly mentioned the significance of this level in my previous analysis. Another confluence for the bearish thesis is that the price is currently trading 15% below the 200 MA on the daily chart. This key moving average is a major line in the sand for many traders.