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Shiba Inu Price Surges as Shibarium Wallets Reach 1.25M
26/10/2023
Shiba Inu (SHIB) is making a notable resurgence as meme coin enthusiasm, akin to tokens like Pepe Coin (PEPE) and Dogelon Mars, starts to gain momentum. Despite its relative smallness in comparison to significant movements in other cryptocurrencies, SHIB has gained 4% in 24 hours and 12% in seven days, trading at $0.000007667. The revitalization is attributed to Shibarium, an Ethereum Layer 2 protocol designed for the Shiba Inu ecosystem, which has seen substantial growth. The protocol has generated 1.325 million blocks, indicating the growing adoption and usage of the network. With more than 1.25 million wallets created and over 3.5 million transactions processed, Shibarium is poised to significantly reduce transaction costs compared to the Ethereum mainnet. Moreover, the token burn program for SHIB is down 72% in the last 24 hours, reflecting its essential role in managing SHIB's massive total supply of 589 trillion tokens.
Shiba Inu aims to reach the $0.00001 mark, and its price movement appears promising. It is currently holding above critical support levels, including the 21-day Exponential Moving Average (EMA) and an ascending trendline on the daily chart. The Moving Average Convergence Divergence (MACD) has generated a buy signal, reinforcing the bullish trend. This suggests that SHIB's upward movement could be on the verge of a substantial price increase, potentially closing the gap to $0.00001 in the near term. To further support this bullish scenario, maintaining daily closure above the 100-day support at $0.00000768 could entice more traders to enter the market. The ascending trendline should serve as reliable support to sustain SHIB's bullish momentum, but a more substantial dip could lead to testing liquidity at the 21-day EMA or the double-bottom support around $0.00000676.
