Shiba Inu (SHIB) breaks another milestone: details

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 warning of a possible decline. The latest achievement

Shiba Inu’s Layer 2 blockchain solution, Shibarium, reached another major milestone less than a year after its official launch. The data shows that the network has processed more than 6 million blocks.

The protocol has witnessed a significant resurgence of late, with numerous metrics heading north. Active accounts, for example, rose from 253 on July 27 to 417 the next day.

New daily transactions exploded 188%, surpassing 5,300 on July 28. Still, the number is a far cry from Shibarium’s glory days seen earlier this year when it was in the millions.

At the beginning of this year, total transactions on the network exceeded 400 million, while wallet addresses are currently above 2 million.

Shibarium’s main goal is to foster the development of the Shiba Inu ecosystem by improving scalability, reducing transaction costs and improving speed. As such, some industry participants believe its further advance could play a key role in a potential SHIB rally. For more updates on the ecosystem, be sure to check out our Shibarium News.

Meanwhile, the price of the second largest meme coin by market cap is in the green today. It’s worth noting that its revival coincides with a broader surge across the cryptocurrency industry. Bitcoin (BTC), for example, hit a six-week high of nearly $70,000, while Solana (SOL) broke above $190 for the first time since early April.

SHIB price predictions

Addressing potential Shiba Inu price movements remains a favorite topic for analysts, with some predicting impressive spikes in the near future. X user JAVON MARKS claimed that the meme coin has “confirmed a hidden bullish macro divergence with its RSI”, which could indicate a “full recovery” and be followed by a rally to 0.0000456 dollars (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 usually suggests that the token is overbought, meaning a correction could be coming. The RSI has been below this level, dipping below 30 on July 25 and is currently set at 57.

JAVON MARKS went even further, predicting that SHIB price may not stop at the mentioned mark, but will shoot up another 75% to reach $0.0000456 (a price last seen in December 2021).

Others, on the other hand, assumed a more bearish scenario. As reported by CryptoPotato, an X user predicted that the value of SHIB could plummet to $0.000015 if it loses the major resistance at $0.000017. Remember that the price traded below this level for an extended time late last week.

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