Can the Recent Milestone of Shibarium Ignite SHIB?
The price of Shiba Inu (SHIB) has experienced an increase following the news of Grayscale’s victory against the SEC. Additionally, Shibarium, the Ethereum layer-2 platform backed by SHIB, has seen a significant rise in the number of wallets, indicating a shift in sentiment after recent setbacks.
Bitcoin’s surge to $28k after Grayscale Investments won its battle against the US Securities and Exchange Commission (SEC) on Tuesday sparked a brief rally for cryptocurrencies.
As the crypto industry celebrated the SEC’s continued denial of a spot Bitcoin ETF, altcoins such as Shiba Inu followed suit and experienced an upward trend.
Shibarium Wallet Count Surges to 336k
Shiba Inu’s SHIB, which had recently dropped to a low of $0.00000064, has now surpassed $0.00000083. The trading volume for the meme coin has increased by 50% in 24 hours, reaching over $182 million.
The change in sentiment for SHIB can also be attributed to Shibarium, as the platform has seen a spike in new wallet addresses. This resurgence after a troubled launch has piqued the interest of retail investors. In less than 48 hours, the total wallet count for Shibarium has grown from just over 100,000 to over 336,000.
Another noteworthy development is the increase in transaction count. Daily transactions had dropped from 132,000 on August 25 to nearly 40,000 on August 27 but have now risen to almost 80,000.
According to Shibariumscan.io, the total transaction count currently stands at over 529k as of August 30, 9 am ET.
SHIB Price Prediction
Could the growth in daily transactions and new addresses drive the price of this altcoin higher?
While other market factors can influence price direction, analysts view Grayscale’s victory against the SEC as a significant turning point that could lead to further upside triggers. SHIB holders, like myself, are excited about the key milestone achieved by Shibarium, and this could potentially impact short-term price movements.
#Shibarium now surpass half a million transactions and over 300k wallets 🤯🔥🔥 unstoppable! 🚀🚀#SHIBARMYSTRONG pic.twitter.com/pGPvaI0Ue9
— Shib Spain (@ShibSpain) August 30, 2023
However, SHIB bulls need to maintain support at $0.0000075 to avoid losing ground to the bears. In the event of a break below this level, the primary resistance would be around $0.0000009, a significant hurdle formed after the sharp sell-off on August 17.
On the downside, if the SHIB price falls below $0.00000070, it could open a path for bears to target lows of $0.00000061.