This Shibarium Milestone Could Rocket Shiba Inu To August Highs
October 24 2023 - 6:00AM
NEWSBTC
Shiba Inu’s latest price action seems like the meme token has
bounced off the critical $0.0000061 support level to set the stage
for a possible bull run. The cryptocurrency is up by 3.63% in the
past 24 hours and 5.79% in a seven-day timeframe. However, a
larger timescale reveals a different picture, as the value of the
cryptocurrency has dropped by 49% since reaching its yearly high of
0.00001471 on February 5. Nevertheless, positive momentum could be
building up at the moment, particularly with Shiba Inu’s Layer-2
scaling solution Shibarium attaining a new milestone. Shibarium
Reaches 1.3 Million Mined Blocks Shibarium was created to provide
lower gas fees and faster transaction times for Shiba Inu. As a
result, the Layer-2 scaling solution has been well accepted by the
Shiba Inu community since it launched, despite having a few hiccups
after its early stages. Data from Shibariumscan revealed that
Shibarium recently surpassed 1.3 million blocks mined and a total
transaction of 3.574 million. Related Reading: Solana Remains
Institutional Investor Darling As Inflows Continue The 1.3 million
block milestone in such a short time shows the sheer capability and
adaption of Shibarium. Each block has an average processing time of
5.0 seconds, demonstrating its efficiency and speed. In comparison,
Bitcoin, the world’s largest cryptocurrency, has a block creation
time of 10 minutes. Potential Price Impact For SHIB? Past
news around Shibarium has always positively affected the price of
SHIB. Each new milestone and benchmark reached in developing
Shibarium generates excitement and drives up the price of
SHIB. Rumors surrounding its launch in August propelled SHIB
to $0.00001137, although it has since lost most of those gains. At
the time of writing, SHIB is trading at $0.000007484, and it
appears to be on the verge of a price breakout that could retest
its August highs. This would mean a 43% spike from its current
price. According to data from DeFi aggregator DeFiLlama, the
total TVL in Shibarium is now at $770,562. While this is low
compared to its TVL of $1.47 million in late August, the new
milestone and Shibarium’s continued adoption could also push up the
TVL in the next few days. SHIB price reclaims $0.00000755 |
Source: SHIBUSD on Tradingview.com What’s Next For Shiba Inu? The
entire crypto market has had an influx of funds in the past few
days, with Bitcoin leading the charge with a 24-hour increase of
10.37%. SHIB has also piggybacked on these gains and has had a few
whale movements. 🚨 🚨 4,544,030,677,374 #SHIB (32,142,200 USD)
transferred from unknown wallet to unknown
wallethttps://t.co/Y7jvL2qtJV — Whale Alert (@whale_alert) October
21, 2023 Related Reading: Crypto Analyst Lists Reasons Why Cardano
(ADA) Will Not Do Well In The Bull Market Recent price action shows
the crypto testing a minor resistance at the $0.0000076 level. A
strong breakout could push SHIB to another resistance at $0.0000087
and then to its August high of $0.00001137. With a thriving layer 2
ecosystem and a large community, Shiba Inu could transition from
being just another meme cryptocurrency to cement itself as a leader
in decentralized finance and payments. Featured image from
Times Tabloid, chart from Tradingview.com
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