Shiba Inu, a cryptocurrency that quickly rose from a simple meme coin to become a favorite in the crypto community, is once again in the headlines. This time, the focus is far from its humorous side: it is Shibarium, its innovative layer 2 blockchain solution.
At the time of publication, the price of SHIB was quoted at US$0,00000875, down 5% in the last 24 hours.
In this article, we will discuss:
Shibarium enters top 5 most active networks on node provider platform
Recent data from Shibariumscan, a respected data source, indicates an impressive increase in Shibarium network activity. On November 6, the network registered 34 new contracts. In one day, that number jumped to 1.058, marking unprecedented growth.
Since its launch in late August, Shibarium has consistently broken barriers. The total number of blocks exceeded 1,5 million, highlighting the robustness and scalability of the network. Wallet addresses are almost reaching 1,3 million, a clear sign of growing adoption and engagement in the Shiba Inu community.
Additionally, NOWNodes recently highlighted important progress made by blockchain aimed at Shiba Inu. In a recent statement, the company announced the need to expand its infrastructure to support the growing use of Shibarium.
This announcement captured the attention of the official Shiba Inu Twitter profile, resulting in a tweet that simply said “Woof” in response to this development. The Shiba Inu team expressed their excitement about the news, stating:
"Impressive! We are reaching new heights. Shibarium is now among the top five most active networks on NOWNodes, and this is just the beginning.”
- Shib (@Shibtoken) November 16, 2023
Running of the Bulls: Will Shiba Inu Cryptocurrency Rise?
Experts and members of the Shiba Inu team are optimistic, suggesting that Shibarium's success could be the catalyst for a bull run for SHIB. In crypto terms, a bull run represents a significant increase in value, often driven by positive sentiment and increased investor interest. With Shibarium gaining prominence, expectations for SHIB are more optimistic.
In addition to Shibarium, other factors may influence the future of SHIB. The massive adoption of the SHIB token, regulatory clarity in the crypto sector, continuous technological innovations, and the effectiveness of the Shiba Inu token burn program are crucial aspects.
Shiba Inu's token burn program has been a point of emphasis, actively reducing the total supply of SHIB tokens and increasing their scarcity and potential value. To date, more than 173 million tokens have been burned, reinforcing the strategy of creating rarity and potentially increasing the value of the token.
Price Analysis: Is Shiba Inu Cryptocurrency Still Worth It in 2023?
As we move towards the end of 2023 with many cryptocurrencies opening bullish rallies, the question arises: is Shiba Inu Cryptocurrency still worth it? This section explores SHIB's recent price dynamics and market trends, offering an in-depth look at its performance and future prospects.
Follow the analysis to better understand SHIB's upward and consolidation trends, as well as its potential resistance and support points, essential elements for making informed investment decisions.
Recent High Shiba inu cryptocurrency: SHIB saw a 26.9% increase for the month, indicating a positive performance, albeit lower compared to other altcoins. This suggests growing investor interest, but with caution compared to the broader market.
Current Trading: After reaching around $0,00000950 the previous week and experiencing an increase of over 10%, SHIB began to correct those gains. This correction is common after a rapid price jump, where investors may decide to take profits.
Current Consolidation: The Shiba inu cryptocurrency (SHIB) is now consolidating above $0,00000860 down 5% on the day. This consolidation zone suggests that investors are evaluating price stability before making new buy or sell decisions.
Resistance Zones: Nearby resistance zones are at $0,00000900, $0,00000950, and $0,0000110. If SHIB breaks out of these zones, there could be a significant rise towards the $0,0000170 resistance zone. Overcoming these resistances could indicate strong bullish momentum and attract more buyers.
Support in case of correction: If there is a downside correction, immediate support could be found near $0,00000820, with the next significant support at $0,0000078. These levels are crucial to prevent a steeper price drop.