Shiba Inu’s layer-2 blockchain solution, Shibarium, has recently reached a significant milestone by processing over 6 million blocks. This marks a resurgence in activity for the network, evidenced by the spike in active accounts from 253 to 417 in just one day. Moreover, new daily transactions have surged by 188%, surpassing 5,300 on July 28. Despite these positive developments, it is important to note that these figures still fall short of Shibarium’s peak performance earlier in the year when it processed transactions in the millions. Total transactions on the network had crossed 400 million earlier this year, while the number of wallet addresses currently stands just shy of 2 million.
Shibarium’s main objective is to support the development of the Shiba Inu ecosystem by improving scalability, lowering transaction costs, and enhancing transaction speed. Many industry participants believe that the further advancement of Shibarium could potentially trigger a rally for SHIB. The network’s recent progress and achievements are promising signs for the future growth and sustainability of the Shiba Inu ecosystem.
Analysts are divided on the price outlook for SHIB, with some predicting a bullish rally and others cautioning against a possible decline. The price of SHIB has shown resilience, mirroring a broader uptick in the cryptocurrency sector. Bitcoin reached a six-week high of nearly $70,000, while Solana surpassed $190 for the first time since April. This positive market sentiment has contributed to the revival of SHIB’s price.
Some analysts foresee impressive price peaks for SHIB in the near future. JAVON MARKS, for example, claimed that SHIB has confirmed a macro Hidden Bullish Divergence with its RSI, signaling a potential full recovery and a rally to as high as $0.0000456, representing a 164% increase from the current valuation. The RSI, which measures the change and speed of price movements, has been hovering below the overbought threshold of 70, suggesting room for further price appreciation. JAVON MARKS even went as far as predicting a 75% increase beyond the $0.0000456 mark, reaching a price last seen in December 2021.
Conversely, there are analysts who adopt a more bearish stance on SHIB’s price trajectory. One user predicted that SHIB could plummet to $0.000015 if it fails to overcome the major resistance at $0.000017. It is essential to consider both bullish and bearish scenarios when evaluating the potential price movements of SHIB in the coming days.
Shibarium’s resurgence and the contrasting analyst predictions for SHIB reflect the dynamic and unpredictable nature of the cryptocurrency market. While the network’s achievements are commendable, the price outlook for SHIB remains a subject of speculation and debate among market participants. As the Shiba Inu ecosystem continues to evolve, it will be interesting to see how Shibarium’s growth and developments impact the overall trajectory of SHIB in the long run.
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