The king cryptocurrency has climbed over $42,000, continuing its rise at a dizzying pace. While investors wondered if the $38,000 resistance could be broken, the price suddenly jumped to $42,000. The same is happening as it did at $36,000 and previous resistance levels. So, what is the latest situation on the front of Shiba, the second-largest meme coin?
Shiba Coin Commentary
Bitcoin‘s price is overcoming resistances one by one, but Shiba Coin has not even removed one zero from its price. Although it has turned around from the bottom, the recovery is very weak, and the price hovers around $0.0000088. Burn rates for Shiba Coin have increased in percentage, but this still isn’t significant in dollar terms. A 644% increase in burning did not trigger a significant price increase.
Shiba Inu‘s Layer-2 network, Shibarium, has surpassed the threshold of 20 million total transactions. While the increase in network activity is positive for the price, it needs to be sustainable. We have been drawing attention to the newly created addresses, active users for a long time.
In the graph above, we see that the number of active users in the network has climbed from 1,310 to 6,836. Similarly, the number of new users has also increased by nearly 3,400. If this is sustainable, it could be a sufficient reason for the price to remove a zero. However, if it remains like previous sudden jumps, it could further dampen hopes for Shibarium.
Shiba Coin Price Predictions
SHIB recently reached $0.00000965, and a $5.7 million token withdrawal from the Binance exchange supported price speculation. Even if projects do not fully succeed, the Shiba Coin team became the most successful meme coin in building its ecosystem. Doge and others have struggled to produce a tangible product for their networks, DeFi, and NFT initiatives.
The efforts of the Shiba Coin team and the possibility of stable recovery of Shibarium activity in the future could increase motivation. Indeed, after examining the current Shiba Coin chart, the analyst known as CryptoKaleo said the following:
“If I were you, I wouldn’t give up on Shiba Coin here.”
The analyst is targeting the $0.000016 and $0.0000220 levels. In the coming days, investors will keep an eye on Shibarium network activity reports, and if BTC remains strong, the increased activity could support it.