Shiba Inu holders increase a thousandfold after SHIB lead developer hints at Layer-2 Shibarium launch
- The number of SHIB holders has increased by 2,828 over the last 24 hours, CryptEye data shows.
- The surge comes after the meme coin’s lead developer hinted at a possible launch date for the L2 Shibarium.
- The announcement has revitalized buyer momentum, preventing Shiba Inu price from breaking below crucial support.
- If history is enough to go by, SHIB could rally 10% in the coming week, catalyzed by the L2 premiere excitement.
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.
Also Read: Shiba Inu price recovery is likely, on-chain metrics suggest
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.
拝啓
— Shytoshi Kusama™ (@ShytoshiKusama) July 6, 2023
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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.
The lead $SHIB developer Shytoshi Kusama is dropping hints that #SHIBARIUM will launch next month pic.twitter.com/9ssPGk9TEZ
— SHIBA INU (@ShibInfo) July 6, 2023
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.
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Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
