This Shibarium Milestone Could Rocket Shiba Inu To August Highs

Scott Matherson

1 year ago

3 mins read

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Shiba Inu’s latest price action seems like the meme token has bounced off the critical $0.0000061 support level to set the stage for a possible bull run. The cryptocurrency is up by 3.63% in the past 24 hours and 5.79% in a seven-day timeframe.

However, a larger timescale reveals a different picture, as the value of the cryptocurrency has dropped by 49% since reaching its yearly high of 0.00001471 on February 5. Nevertheless, positive momentum could be building up at the moment, particularly with Shiba Inu’s Layer-2 scaling solution Shibarium attaining a new milestone.

Shibarium Reaches 1.3 Million Mined Blocks

Shibarium was created to provide lower gas fees and faster transaction times for Shiba Inu. As a result, the Layer-2 scaling solution has been well accepted by the Shiba Inu community since it launched, despite having a few hiccups after its early stages. Data from Shibariumscan revealed that Shibarium recently surpassed 1.3 million blocks mined and a total transaction of 3.574 million.

The 1.3 million block milestone in such a short time shows the sheer capability and adaption of Shibarium. Each block has an average processing time of 5.0 seconds, demonstrating its efficiency and speed. In comparison, Bitcoin, the world’s largest cryptocurrency, has a block creation time of 10 minutes.

Potential Price Impact For SHIB?

Past news around Shibarium has always positively affected the price of SHIB. Each new milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB.

Rumors surrounding its launch in August propelled SHIB to $0.00001137, although it has since lost most of those gains. At the time of writing, SHIB is trading at $0.000007484, and it appears to be on the verge of a price breakout that could retest its August highs. This would mean a 43% spike from its current price.

According to data from DeFi aggregator DeFiLlama, the total TVL in Shibarium is now at $770,562. While this is low compared to its TVL of $1.47 million in late August, the new milestone and Shibarium’s continued adoption could also push up the TVL in the next few days.

SHIB price reclaims $0.00000755 | Source: SHIBUSD on Tradingview.com

What’s Next For Shiba Inu?

The entire crypto market has had an influx of funds in the past few days, with Bitcoin leading the charge with a 24-hour increase of 10.37%. SHIB has also piggybacked on these gains and has had a few whale movements.

🚨 🚨 4,544,030,677,374 #SHIB (32,142,200 USD) transferred from unknown wallet to unknown wallethttps://t.co/Y7jvL2qtJV

— Whale Alert (@whale_alert) October 21, 2023

Recent price action shows the crypto testing a minor resistance at the $0.0000076 level. A strong breakout could push SHIB to another resistance at $0.0000087 and then to its August high of $0.00001137.

With a thriving layer 2 ecosystem and a large community, Shiba Inu could transition from being just another meme cryptocurrency to cement itself as a leader in decentralized finance and payments.

Featured image from Times Tabloid, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

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In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

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