The Dogecoin Killer: Shiba Inu (SHIB) has recently emerged as a dark horse, capturing the attention of market traders. As its skyrocketing pump has been nothing short of a spectacle, it leaves many to wonder: Is this just a short-lived trend, or does SHIB have the potential for sustained growth? Recently, there has been a noticeable increase in media coverage, suggesting that the release of Shibarium is imminent. This heightened media attention, and speculation around the launch have significantly contributed to Shiba Inu’s market activity.
SHIB & BONE Skyrocket As Shibarium Launch Nears
The bullish developments surrounding Shibarium, Shiba Inu’s Layer 2 solution, have been a significant catalyst for the recent surge in SHIB’s price. The anticipation and positive sentiment around the upcoming launch of Shibarium have sparked investor interest, leading to a notable uptick in SHIB’s market performance.
BONE, integral to the Shiba Inu ecosystem and upcoming Shibarium, has also seen an impressive 10% price surge in the past 12 hours.
Adding to this bullish narrative is the impressive progress of the Shibarium beta testnet, known as “Puppynet.” Since its launch on March 11, Puppynet has been consistently hitting new milestones, indicating its potential demand and utility in the crypto ecosystem.
A significant achievement for Puppynet is the processing of over 33 million transactions, a landmark that underscores the robust activity on the testnet. According to Puppyscan, the Shibarium testnet has processed a total of 33,072,763 transactions to date.
Moreover, the public testing phase has commenced for the beta version of the Shibarium Bridge. This bridge is designed to support the Ethereum token standard, ERC-20. Upon its official launch on the main network, the bridge is expected to enhance Shibarium’s liquidity considerably. Additionally, it will substantially boost the utility of the protocol’s network.
What’s Next For SHIB Price?
Over the last few hours, SHIB’s price witnessed a massive surge in its trading volume and buying pressure. As a result, the price broke above the crucial resistance line of $0.000008. Shiba Inu reached a high near $0.00000839 but failed to continue further as it faced low buying activity. As of writing, SHIB’s price is trading at $0.00000823, surging over 5.7% in the last 24 hours.
The recent high gained the attention of sellers to reverse the trend. SHIB price dropped quickly below the 23.6% Fib channel, and bears are aiming to plunge the meme coin below $0.000008. While this level could also draw new buyers, and if the bulls maintain their stance near this level, the SHIB price could potentially rise to test $0.0000086. If successful, the price may surge toward $0.0000091 and then to $0.00001.
To halt this upward trajectory, bears would need to swiftly lower the price beneath the breakout level of $0.000008. Such a move would imply that the recent breakout might have been a false bullish signal.