Shiba Inu price climbs over 6% after Shibarium testnet reset
- Shiba Inu fully reset its Shibarium testnet Puppynet after successful completion of over 20 million transactions.
- SHIB price climbed 6.3% since the update on June 19, fueling a recovery in Shiba Inu.
- The largest Dogecoin competitor is on track to wipe out its losses from the SEC’s crackdown on cryptocurrencies.
Shiba Inu, the second-largest meme coin in the crypto ecosystem, started its price recovery this week in tandem with a broad-based crypto surge. After the successful completion of 20 million transactions on its Layer 2 scaling solution’s testnet, the explorer Puppynet was reset. The update fueled a 6.3% rally in SHIB price since June 19.
Also read: Shiba Inu, Maker, XRP begin recovery as crypto buying power returns
Shiba Inu price breaks into a rally after Shibarium update
Shiba Inu price suffered a steep decline in response to the US Securities and Exchange Commission’s (SEC) on June 5. SHIB price started its recovery this week. Shiba Inu’s recovery can be attributed to the overall improvement in sentiment among crypto traders. Moreover, Shibarium hit a key milestone and reset the Layer 2 scaling solution’s testnet.
Puppynet was reset after it successfully facilitated over 20 million transactions. The reset acted as a bullish catalyst for Shiba Inu, driving the meme coin’s price higher since the event on June 19.
Shiba Inu announced Puppynet’s reset on June 19, and since then, SHIB price climbed 6.39%. SHIB is currently trading at $0.00000732, up from its June 19 low of $0.00000705.
Puppyscan has been reset and updated.#ShibariumBeta $BONE pic.twitter.com/906UCqH35W
— (@LucieSHIB) June 19, 2023
In addition to the update to Shibarium, the rising institutional interest, crypto adoption and regulation by European Union nations and Southeast Asian countries.
Asset management giant BlackRock’s application for a spot Bitcoin Exchange Traded Fund (ETF) was promptly followed by WisdomTree and Invesco, signaling a shifting trend among institutional investors.
Singapore, Hong Kong and EU nations are welcoming crypto firms and projects through clarity on regulation, supporting the bullish thesis for digital asset recovery in the short term.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
