Shiba Inu holders increase a thousandfold after SHIB lead developer hints at Layer-2 Shibarium launch

Shiba Inu (SHIB) holders have increased a thousandfold over the last 24 hours, indicating increased adoption of the meme coin. The surge comes despite the meme coin’s market value dropping in the same timeframe, crossroads that suggest an external driving force to explain the growing interest.

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Shiba Inu holders up almost 3000 in 24 hours

Shiba Inu (SHIB) holders have increased by almost 3000 in the last 24 hours, an unexpected turnout considering the abysmal value of the meme coin at $0.00000731 and the fact that it has been on a downtrend. Based on data from CryptEye, a real-time cryptocurrency insights platform, there are up to 2,369,508 SHIB token holders as of the time of writing, signifying a 2,828 rise since the last day.

From an on-looker perspective, the multi-thousand increase in holders is attributed to a recent announcement by Shytoshi Kusama, lead developer of the Shiba Inu ecosystem. In a July 6 blog post, the developer indicated that Layer-2 (L2) Shibarium could debut in August, specifically during the Blockchain Futurist Conference, ETHToronto, and ETHWomen Hackathon in Canada. Kusama also indicated that the Hackathon event would be on the same day as the meme coin’s third anniversary.  

The event, which the Shiba Inu network will host, will be a must-attend for SHIB enthusiasts, considering Shytoshi Kusama will be appearing via artificial intelligence (AI) and delivering a speech, likely to release the Shibarium L2. According to the blog, the launch will be flanked by a revelation of the network’s “world paper” and announcements of new projects to come.

Shibarium L2 relevance to the Shiba Inu ecosystem

The launch of L2 Shibarium is important for the entire Shiba Inu ecosystem as it brings along perks such as scalability, enhanced transaction speed, reduced fees, and an expanded development framework.

Layer-2 defines a collective blockchain open for development, innovation, better solutions, and security in decentralized finance (DeFi).

Shiba Inu price attempts a recovery

Shiba Inu (SHIB) price is up almost 2% over the last 24 hours, bouncing from the support offered by the confluence between the horizontal line and the uptrend line at $0.00000711. If history is enough to go by, the uptrend could continue around 7% before confronting the 50-day Exponential Moving Average (EMA) at $0.00000793. This has happened twice before, as shown by the red patches on the daily chart below.   

SHIB/USDT 1-Day Chart

The Relative Strength Index (RSI) moving north suggests rising momentum, bolstered by the Awesome Oscillators (AO) position in the positive region above the midline. 

Nevertheless, the RSI below 50 suggests bears still have a grip on Shiba Inu price and could easily take over if bulls waver. If this happens, the ensuing selling pressure could send SHIB down 10% to the $0.00000652 support floor.