Shiba Inu Bounces Off Support Level, Potential Bull Run Ahead
The price of Shiba Inu has shown signs of a possible bull run after bouncing off the critical support level of $0.0000061. Over the past 24 hours, the cryptocurrency has increased by 3.63%, and in the last seven days, it has risen by 5.79%.
However, when looking at a larger timeframe, Shiba Inu’s value has actually dropped by 49% since reaching its yearly high on February 5. Despite this, there may be positive momentum building up now, especially with the success of Shiba Inu’s Layer-2 scaling solution, Shibarium.
Shibarium Reaches Milestone with 1.3 Million Mined Blocks
Shibarium was created to improve gas fees and transaction times for Shiba Inu. Since its launch, it has been well-received by the community despite some early hiccups. Recently, Shibarium reached a milestone with over 1.3 million blocks mined and a total transaction count of 3.574 million.
This achievement demonstrates Shibarium’s capability and adaptability. Each block is processed in an average time of 5 seconds, highlighting its efficiency compared to Bitcoin’s block creation time of 10 minutes.
Potential Price Impact for SHIB?
News surrounding Shibarium has historically influenced the price of SHIB positively. The development milestones and benchmarks achieved by Shibarium generate excitement and drive up the price of SHIB.
Rumors about its upcoming launch in August led SHIB to reach $0.00001137, although it has since lost most of those gains. Currently trading at $0.000007484, SHIB appears to be on the verge of a price breakout that could test its August highs, potentially resulting in a 43% spike from its current price.
Additionally, the total value locked (TVL) in Shibarium is currently at $770,562, which is lower than late August’s TVL of $1.47 million. However, the recent milestone and continued adoption of Shibarium could push up the TVL in the coming days.
Furthermore, SHIB has experienced an influx of funds in recent days and has followed Bitcoin’s upward trend. There have also been some significant movements by whale investors.
A strong breakout could push SHIB to another resistance at $0.0000087 and then to its August high of $0.00001137.
With a thriving layer 2 ecosystem and a large community, Shiba Inu has the potential to establish itself as a leader in decentralized finance and payments.
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