Shiba Inu Experiences Bullish Surge and Record Highs as Shibarium Launch Nears

Shiba Inu Experiences Bullish Surge and Record Highs as Shibarium Launch Nears

Time Stamp: August 3, 2023 1:24 AM
Source Node: 2800618
6 hours ago 2 mins read category : News
  • Shiba Inu (SHIB) sets a new all-time high with 3.51 million addresses holding the token.
  • The upcoming Shibarium launch is driving increased interest and accumulation of SHIB tokens.
  • Market watcher Crypto Rand identifies a bullish reversal for SHIB, predicting further price rally.

Shiba Inu, the popular cryptocurrency, has recently set a new all-time high in the number of addresses holding the token, with a 22% increase in the past week alone. This surge in activity is attributed to several factors, including the upcoming release of Shibarium, SHIB’s recent price rally, and the broader bull market for cryptocurrencies.

Shibarium, Shiba Inu’s Layer 2 protocol, is eagerly anticipated by the community. It aims to address scalability issues in the Shiba Inu ecosystem by moving transactions off the Ethereum mainnet and onto a sidechain, making transactions faster and cheaper. This could potentially lead to increased adoption of SHIB.

The current all-time high for the number of SHIB addresses stands at 3.51 million, surpassing the previous record of 3.23 million set in May 2022. The price of SHIB has also seen a significant increase, rising from a low of $0.000012 in early June to a high of $0.000034 in late July.

In related news, well-known market watcher Crypto Rand has identified a bullish reversal for Shiba Inu (SHIB). He noted that the crypto asset has remained above the $0.000008 price level, breaking through the resistance range of $0.0000078 to $0.0000088.

The anticipation of the Shibarium mainnet launch has led to a significant accumulation of SHIB tokens in recent weeks. In the past 24 hours alone, a staggering 21.6 trillion SHIB tokens, equivalent to $180 million, have been traded. 

With the alleviation of selling pressure due to the withdrawal of 3 trillion SHIB from exchanges in July, investors are hopeful that the introduction of Shibarium will drive further development in the Shiba Inu project ecosystem and potentially lead to a price rally for SHIB. Currently, SHIB is being traded at $0.00000834, reflecting a gain of over 7% in the past seven days.

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