- Shiba Inu experienced a 4% surge, setting the token on a trajectory to reach new price levels.
- Shibarium’s rapid growth and adoption contribute to Shiba Inu’s positive price action, with over one million interacting wallets.
- SHIB currently trades at $0.00001089, with a market cap surpassing $6.4 billion.
Shiba Inu (SHIB) has surged by 4% in the wake of a resurgent cryptocurrency market, marking a promising trajectory toward new price milestones.
This upswing mirrors the broader bullish sentiment following optimistic market projections surrounding the potential launch of a spot Bitcoin ETF in the United States. Another driving force behind Shiba Inu’s recent ascent is the rapid expansion and adoption of Shibarium, the project’s robust layer-2 network.
Shibarium boasts over one million actively interacting wallets. This is an achievement attained at a pace outstripping comparable layer-2 networks like Arbitrum and Optimism.
The sustained momentum of Shiba Inu above the critical $0.00001 threshold for consecutive weeks, secured since December 18, further underscores its independent resilience amid market fluctuations. Analysts are closely monitoring key price levels for SHIB’s potential trajectory, highlighting notable targets at $0.00001085, $0.00001097, and $0.00001118 on the two-hourly charts.
Impressively, the token has already breached the $0.00001085 range, indicating potential for further upward movement. Currently trading at $0.00001089, Shiba Inu’s market capitalization has rebounded to over $6.4 billion, affirming its formidable presence within the crypto landscape.
A significant factor propelling SHIB‘s price action is the ongoing burning of tokens from Shibarium, a strategy that has already seen over 33 billion SHIB tokens incinerated. This reduction in supply continues to positively impact SHIB’s valuation, with the Shiba Inu team hinting at forthcoming groundbreaking developments throughout 2024.
