Shiba Inu’s Latest Price Action Indicates Potential Bull Run
Shiba Inu has recently shown promising price action, bouncing off the critical support level of $0.0000061. Over the past 24 hours, the cryptocurrency has seen a 3.63% increase, and over a seven-day period, it has risen by 5.79% [source]. However, taking a larger timescale into account reveals a different picture. Since reaching its yearly high of 0.00001471 on February 5, the value of Shiba Inu has dropped by 49% [source]. Despite this, positive momentum may be building up, especially with the progress of Shiba Inu’s Layer-2 scaling solution, Shibarium [source].
Shibarium Reaches 1.3 Million Mined Blocks
Shibarium, a Layer-2 scaling solution designed to provide lower gas fees and faster transaction times for Shiba Inu, has gained significant acceptance within the Shiba Inu community. Despite encountering a few challenges in its early stages, Shibarium has recently reached a notable milestone of 1.3 million blocks mined, with a total transaction count of 3.574 million [source]. This milestone demonstrates the impressive capability and adoption of Shibarium, as each block is processed within an average of 5.0 seconds, highlighting its efficiency and speed [source].
Potential Price Impact For SHIB?
Past news surrounding Shibarium has consistently affected the price of SHIB positively. Each milestone and benchmark achieved in the development of Shibarium generates excitement and drives up the price of SHIB [source]. Rumors surrounding its upcoming launch in August propelled SHIB to $0.00001137, although it has since retraced most of those gains. Currently, SHIB is trading at $0.000007484, and it appears to be on the verge of a price breakout that could potentially retest its August highs. This would imply a 43% price spike from its current level [source]. Data from DeFi aggregator DeFiLlama indicates that the total TVL (Total Value Locked) in Shibarium is currently $770,562, which is relatively low compared to its TVL of $1.47 million in late August. However, with Shibarium’s ongoing adoption and the milestone of 1.3 million blocks mined, it is possible that the TVL will increase in the coming days [source].
What’s Next For Shiba Inu?
Similar to the broader crypto market, Shiba Inu has experienced an influx of funds in recent days, with Bitcoin leading the charge with a 24-hour increase of 10.37% [source]. SHIB has also benefited from these gains and has witnessed a few notable whale movements. Presently, SHIB is testing a minor resistance at the $0.0000076 level, and a strong breakout could propel it to another resistance at $0.0000087 and potentially revisit its August high of $0.00001137 [source]. With a thriving Layer-2 ecosystem and a large community, Shiba Inu has the potential to move beyond being just another meme cryptocurrency and establish itself as a leader in decentralized finance and payments [source].
Featured image from Times Tabloid, chart from Tradingview.com
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