Shiba Inu’s latest price action seems like the meme token has bounced off the critical $0.0000061 support level to set the stage for a possible bull run. The cryptocurrency is up by 3.63% in the past 24 hours and 5.79% in a seven-day timeframe.
However, a larger timescale reveals a different picture, as the value of the cryptocurrency has dropped by 49% since reaching its yearly high of 0.00001471 on February 5. Nevertheless, positive momentum could be building up at the moment, particularly with Shiba Inu’s Layer-2 scaling solution Shibarium attaining a new milestone.
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Shibarium Reaches 1.3 Million Mined Blocks
Shibarium was created to provide lower gas fees and faster transaction times for Shiba Inu. As a result, the Layer-2 scaling solution has been well accepted by the Shiba Inu community since it launched, despite having a few hiccups after its early stages. Data from Shibariumscan revealed that Shibarium recently surpassed 1.3 million blocks mined and a total transaction of 3.574 million.
The 1.3 million block milestone in such a short time shows the sheer capability and adaption of Shibarium. Each block has an average processing time of 5.0 seconds, demonstrating its efficiency and speed. In comparison, Bitcoin, the world’s largest cryptocurrency, has a block creation time of 10 minutes.
Potential Price Impact For SHIB?
Past news around Shibarium has always positively affected the price of SHIB. Each new milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB.
Rumors surrounding its launch in August propelled SHIB to $0.00001137, although it has since lost most of those gains. At the time of writing, SHIB is trading at $0.000007484, and it appears to be on the verge of a price breakout that could retest its August highs. This would mean a 43% spike from its current price.
According to data from DeFi aggregator DeFiLlama, the total TVL in Shibarium is now at $770,562. While this is low compared to its TVL of $1.47 million in late August, the new milestone and Shibarium’s continued adoption could also push up the TVL in the next few days.
SHIB price reclaims $0.00000755 | Source: SHIBUSD on Tradingview.com
What’s Next For Shiba Inu?
The entire crypto market has had an influx of funds in the past few days, with Bitcoin leading the charge with a 24-hour increase of 10.37%. SHIB has also piggybacked on these gains and has had a few whale movements.
— Whale Alert (@whale_alert) October 21, 2023
Recent price action shows the crypto testing a minor resistance at the $0.0000076 level. A strong breakout could push SHIB to another resistance at $0.0000087 and then to its August high of $0.00001137.
With a thriving layer 2 ecosystem and a large community, Shiba Inu could transition from being just another meme cryptocurrency to cement itself as a leader in decentralized finance and payments.
Featured image from Times Tabloid, chart from Tradingview.com