Shiba Inu price rises 10% as Shibarium ecosystem holders near 1.5 million

Shiba Inu (SHIB) price has sustained the bullish streak that began mid-June, rising above a crucial support level with an inclination toward a continued northbound move. The meme coin has shown significant resilience, overcoming selling pressure from 94 billion SHIB tokens sold in the Poly Network hack.

Also Read: Shiba Inu resists selling pressure from sale of 94 billion SHIB tokens by Poly Network hackers

Shiba Inu price enjoys the allure of Layer-2 blockchain, Shibarium

Shiba Inu (SHIB) price enjoys the proceeds of increasing popularity for the Shibarium ecosystem. This is the Layer-2 (L2) network for the SHIB token and a general transitional evolution to the Shiba Ecosystem. It defines a collective blockchain committed to scaling and inviting solutions, innovation, and security to the decentralized finance (DeFi) space.

Notably, the Shibarium L2 blockchain is built atop the Ethereum (ETH) blockchain, the same blockchain that SHIB ecosystem tokens such as Shiba Inu (SHIB), Doge-killer token LEASH, and Bone ShibaSwap (BONE), use.

L2 blockchains have increased in popularity because of their characteristic ability to provide privileges such as scalability, enhanced transaction speeds, reduced fees, and an expansive framework for development.

Shiba Inu network grows amid increasing popularity

Based on recent reports, the Shibarium ecosystem continues to record significant growth, with the total number of Shibarium users steadily edging toward 1.5 million. Out of these, the number of SHIB token holders accounts for approximately 85% (1,287,803 holders), while BONE token holders account for roughly 5.5% (82,622 holders) and 2% for Doge Killer, representing 30,178 LEASH holders. 

DogPad Finance, which boasts an entire ecosystem of utilities for creating new tokens on Shibarium, accounts for 0.15%, with approximately 2,200 DOGPAD holders in the Shibarium ecosystem.

The development bodes well with SHIB's goal to usher in new crypto users, with Shibarium's L2 blockchain protocols already serving a wide range of industry realms, including the metaverse, web3 innovation, and gaming. These areas benefit from the ecosystem's scalability commonality while presenting a better alternative to the performance limitations of other blockchain networks.

Notably, as the Web3 concept continues to evolve, blockchain technology is steadily taking center stage, with the Shibarium ecosystem taking a strategic position with cost and speed difference-makers that drive its mainstream adoption.

Another factor that continues to support Shiba Inu price is the network’s burn mechanism, which is focused on reducing SHIB supply.

According to the SHIB burn tracker, more than 9.3million SHIB tokens were burned in the last hour in a single transaction and almost 20 million tokens over the last 24 hours.  

Shiba Inu price forecast as bullish momentum sustains

Shiba Inu (SHIB) price is up 10% since the intra-day low of $0.00000702 recorded on June 30. The liquidity collected below the $0.00000720 support set the tone for a bounce to the current price of $0.00000774.

Technical indicators support the upside as Shib Inu price confronts the 50-day Exponential Moving Average (EMA) at $0.00000802. The Relative Strength Index (RSI) is heading north, suggesting rising momentum. Its position above 50 suggests significant price strength, enough to sustain an uptrend.

Also, the Awesome Oscillator (AO) indicator's histograms flashed green as they slowly pulled upwards toward the midline. A successful crossover into the positive territory would confer control of SHIB to the bulls.

SHIB/USDT 1-Day Chart

Meanwhile, selling pressure from the 50-, 100- and 200-day EMAs, representing supplier congestion zones at $0.00000802, $0.00000881, and $0.00000978, respectively, continue to weigh down on Shiba Inu price.

Unless bulls refresh their buying power, the bears could easily take back control, sending Shiba Inu price below the $0.00000720 support level or, in the dire case, toward the $0.00000652 support floor.