Shiba Inu’s Shibarium Resurgence Fuels Optimism for SHIB Price
In a surprising turn of events, Shiba Inu (SHIB) experienced a brief consolidation break, reaching a 10-day high of $0.00000850, following the overall market uptrend. The newfound optimism was fueled by Shibarium, the Ethereum layer-2 network backed by SHIB tokens.
Key Points:
– Shibarium, the layer-2 blockchain designed for SHIB, has seen a surge in wallet count, reaching 337,100.
– The surge in new wallet addresses indicates renewed interest in Shibarium and its potential for enhanced user experience.
– Transaction count has rebounded significantly, recovering from a dip and reaching 132,000 after dropping to 40,000.
– Shibarium’s improvements have made it an attractive option for retail investors seeking faster, cost-effective, and private off-chain transactions.
– The successful functionality of the Shibarium Bridge has improved transaction speed and reduced fees.
Shibarium Overcomes Challenges and Achieves Growth
After facing initial challenges, Shibarium resolved its issues with the help of Polygon Labs co-founder Sandeep Nailwal. The team expanded their server infrastructure by 1500% to handle on-chain congestion. These improvements resulted in rapid user base growth and an increase in the price of the SHIB token.
SHIB’s Uptrend At Risk?
Despite positive developments, SHIB has experienced a sharp decline in price, losing more than 3% over the past 24 hours and currently trading at $0.00000813. The token has struggled to surpass its 50-day Moving Average since July 2023, which raises concerns.
However, if the overall market, particularly Bitcoin, improves liquidity in the sector, SHIB may have the potential for another strong uptrend, similar to those seen in July and January.
Hot Take:
Shiba Inu’s Shibarium has shown promising growth and improvements, attracting retail investors with its faster and more cost-effective transactions. However, the recent decline in SHIB’s price raises concerns about its future performance. As the overall market conditions improve, there is potential for SHIB to regain its previous uptrend and reach new highs.
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