Shiba Inu price eyes 12% gains as Shibarium inches closer to new milestone
- Shiba Inu Layer 2 chain Shibarium’s transactions inch closer to the 300 million milestone.
- Shiba Inu price yielded 8% monthly and nearly 3% weekly losses for holders.
- Shibarium noted a 5% spike in accounts on the chain in the past month.
Shiba Inu’s Layer 2 chain Shibarium is on its way to set a new record with the completion of 300 million transactions. Shibarium is the scaling solution in the SHIB ecosystem and the milestone could catalyze SHIB price recovery.
Shiba Inu price is $0.00000941 on Binance, at the time of writing.
Also read: Ethereum Dencun upgrade could go live on mainnet as early as March 2024
Shiba Inu scaling solution closer to hitting key milestone
Shibarium is set to hit a new milestone with the completion of 300 million transactions on its chain. Shiba Inu’s scaling solution Shibarium has completed 295 million transactions since its inception.
The cumulative total of accounts has climbed to a peak of 62,725, a 5% increase in the past month. These statistics support a bullish thesis for Shiba Inu’s adoption and relevance among market participants.
The meme coin is likely to see a recovery in its price in the short-term.
In the past month, SHIB price declined by 8%. Shiba Inu is currently trading below its two long-term Exponential Moving Averages, 10-day and 50-day at $0.00000953 and $0.00000966. SHIB price faces resistance at the $0.00001056 level that has acted as resistance for SHIB since April 2023. A breach of this resistance could send SHIB to test resistance at the 23.6% Fibonacci Retracement level of the decline between April 2022 and June 2023, at $0.00001119.
SHIB/USDT 1-day chart
A daily candlestick close below the 200-day EMA at $0.00000898 could invalidate the bullish thesis for SHIB price.
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.
