BTC price soared to the brink of $53,000 before slipping below $51,000, yet buyers remained undeterred. The rapid comeback of Bitcoin is also aiding the recovery of altcoins. ETH has exceeded $3,000 for the first time in 665 days. But what’s the latest with the second-largest meme coin by market value? What will be the price of Shiba Inu (SHIB)?
Shiba Inu (SHIB)
Last year’s launch of the Shibarium mainnet had sparked great expectations. The network, expected to start in January 2023, was delayed until the end of the year, and excitement has been waning day by day. Moreover, it has had to compete with an increasing number of layer2 solutions.
However, there is a recent surge in activity. For the first time since January 28, Shibarium’s daily transactions have exceeded 3 million. Of course, sustainability is key as transactions were still around 1 million as recently as February 16. Additionally, the number of wallets interacting with Shibarium has reached 1,358,320. The official X account of the Shiba Inu ecosystem announced the following;
“We are approaching 3 million transactions… and the day is not over yet! Wishing ShibArmy a great week ahead.”
Data from DeFiLlama indicates an increase in Shibarium’s total locked value (TVL), which surpassed $1 million at the beginning of this month. Although weak compared to its competitors, it’s still important that it has a starting point.
SHEboshis NFTs and KNINE utility tokens are the backbone of activity within the Shibarium ecosystem. If the momentum is sustained, this activity could have significant effects on the price.
What Will Be the Price of SHIB?
As this article is being prepared, the price of SHIB is at $0.00000972. For a rally to start, the price needs to break the $0.00001 resistance in the middle area of the parallel channel. However, the key area has not yet been breached due to sudden sales brought on by the recent BTC drop. In the upcoming days/hours, a drop to the support level of $0.00000939 and a potential test of $0.00000807 are possible if support is lost.
In an optimistic scenario, the price could surpass $0.00001046 and overcome the $0.00001143 parallel channel resistance, as it did on December 16-17. Closures above this level are crucial for reversing the downtrend.
