Shiba Inu (SHIB) Price Bounces Back as Shibarium L2 Network Gains Traction
The relaunch of the Shibarium L2 scaling network has boosted investor confidence in Shiba Inu (SHIB), leading to a bounce back in its price. Here are the key points:
- The Shibarium L2 scaling network has crossed the milestone of 150,000 wallet addresses created, indicating growing confidence in the Shiba Inu community.
- Daily transactions on the Shibarium network have started trending upward, attracting 66,058 transactions on August 28.
- The Shibarium network is expected to deepen the adoption of SHIB tokens globally and increase the SHIB burn rate and transaction speeds.
- As a result of the positive developments, SHIB price experienced a 5% bounce on August 29.
- The growing confidence is further confirmed by an influx of purchase orders for SHIB, with active orders to buy 1.9 trillion SHIB compared to 1.2 trillion SHIB tokens available for sale.
Based on these indicators, Shiba Inu could likely bounce back to above $0.000014. However, a drop below $0.000007 could trigger a bearish reversal. The market demand will ultimately determine the direction of SHIB’s price.
Hot Take:
The relaunch of the Shibarium L2 network and the growing confidence in the Shiba Inu community indicate a positive outlook for SHIB’s price. If the momentum continues, SHIB could reach new peaks in the coming weeks. However, any significant drop in market demand could lead to a bearish reversal.
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