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

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.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP