Shiba Inu Network Activity Has Increased by 36% in Two Weeks
The Shiba Inu (SHIB) price recently hit its lowest level in H2 2023, but there are signs of a potential rebound. The Shiba Inu network has seen a significant increase in activity, thanks to the relaunch of the Shibarium Layer 2 scaling network. On September 23, the Shibarium reached three million confirmed transactions, and the Shiba Inu network also recorded a two-week peak of 6,439 transactions on the same day. This represents a 36% increase from September 11 when the SHIB price was at its lowest point. The rise in network activity suggests growing demand for the SHIB token.
Orders Mounting to Buy SHIB
The increase in transaction count has helped the SHIB price recover, and there has been a noticeable influx of SHIB purchase orders on crypto exchanges. Bulls have placed active orders to buy 5.07 trillion SHIB, surpassing the 4.9 trillion tokens currently up for sale. This indicates growing confidence within the SHIB community and suggests that the relaunch of the Shibarium and increased network traction have boosted investor sentiment.
SHIB Price Prediction: Potential Rebound Above $0.000010
Based on on-chain indicators, it is likely that Shiba Inu’s price will rebound towards the $0.000010 mark. The Global In/Out of Money Around Price (GIOM) data also supports this prediction, showing that many holders bought SHIB at the minimum price of $0.000008. However, if these holders close their positions early, it could trigger a bearish reversal. On the other hand, if network traction continues to intensify, Shiba Inu’s price could exceed the predicted level.
Hot Take: Shiba Inu Poised for a Rebound
The recent increase in network activity and mounting buy orders for SHIB suggest that Shiba Inu is on the verge of a rebound. The relaunch of the Shibarium and its impact on transaction speeds have attracted more users to the network. As a result, investor confidence has grown, leading to an uptick in demand for SHIB. While there are potential risks, such as holders closing their positions early, the overall outlook for Shiba Inu remains positive. With continued network traction, it is likely that the SHIB price will surpass its recent lows and move towards higher levels.
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