Outside Source
TL;DR
- Shibarium has seen a resurgence in activity with significant increases in processed blocks and daily transactions.
- Analysts are divided on SHIB’s price outlook, with some predicting a rally and others cautioning about a possible decline.
The Latest Achievement
Shiba Inu’s layer-2 blockchain solution, Shibarium, reached another important milestone less than a year after its official launch. Data shows that the network has processed over 6 million blocks.
The protocol has witnessed a significant resurgence lately, with numerous metrics heading north. Active accounts, for example, spiked from 253 on July 27 to 417 the following day.
New daily transactions exploded by 188%, surpassing 5,300 on July 28. Still, the figure is far from Shibarium’s glory days observed at the start of the year when it was in the millions.
Earlier this year, total transactions on the network crossed 400 million, whereas wallet addresses are currently just shy of the 2 million mark.
Shibarium’s main purpose is to foster the development of the Shiba Inu ecosystem by enhancing scalability, reducing transaction costs, and improving speed. As such, some industry participants believe its further advancement could play a key role in a potential SHIB rally. For more updates on the ecosystem, make sure to check out our Shibarium news.
Meanwhile, the price of the second-largest meme coin in terms of market capitalization is well in the green today. It is worth noting that its revival coincides with a broader uptick in the entire cryptocurrency sector. Bitcoin (BTC), for instance, tapped a six-week high of almost $70,000, while Solana (SOL) surpassed $190 for the first time since early April.
SHIB Price Predictions
Touching upon Shiba Inu’s potential price movements remains a favorite topic for analysts, with some envisioning impressive peaks in the near future. The X user JAVON MARKS claimed that the meme coin has “confirmed a macro Hidden Bullish Divergence with its RSI,” which could signal “full recovery” and be followed by a rally to as high as $0.0000456 (a 164% increase from the current valuation).
The Relative Strength Index (RSI) measures the change and speed of price movements, identifying overbought or oversold conditions. A ratio above 70 typically suggests the token is overbought, meaning a correction could be incoming. The RSI has been hovering below that level, dipping below 30 on July 25 and currently set at 57.
JAVON MARKS went even further, predicting that SHIB price may not stop at the aforementioned mark but skyrocket by another 75% to reach $0.0000456 (a price last seen in December 2021).
Others, on the other hand, assumed a more bearish scenario. As CryptoPotato reported, one X user predicted that SHIB’s value could plummet to $0.000015 if it loses the major resistance of $0.000017. Recall that the price was trading below that level for a prolonged time at the end of last week.
This article first appeared at CryptoPotato
