Why Shiba Inu is pumping today?
The asset just recently reclaimed the $0.000012 price territory following a sharp surge in under two hours.
Shiba Inu (SHIB) looks primed to recapture the price point at $0.00002 on the back of renewed interest triggered by the hype surrounding Shibarium, the upcoming L2 solution. The asset just engineered a comeback rally against the bears which has so far pushed it above the $0.000012 territory in under two hours.
Trading at $0.00001180 earlier today, SHIB started the day on promising grounds, having surged by 3.7% within two hours to a high of $0.00001226 before facing stern resistance. Notwithstanding the opposition, SHIB has held above the $0.000012 territory, currently changing hands at $0.00001208 as of press time, up 4.43% in the past 24 hours.
SHIB is looking to set up a comfortable position above the third crucial resistance at $0.00001260 which should serve as a bullish launchpad to the pre-FTX high above $0.000013. Conquering this zone would provide enough support to the bulls for the journey to the August high of $0.00001692, which, if reclaimed, would set the stage for a rally to $0.00002. This price level was last seen in May 2022.
Some investors and analysts remain confident of the asset’s momentum, amassing trillions of tokens in anticipation of the bull run. Davinci Jeremie, a renowned Bitcoin early adopter, recently asked an indecisive investor to cup some SHIB.
Recent Shiba Inu Developments
While significant updates on Shibarium have stalled, the SHIB camp has not been without some good news, as bullish sentiments have gradually risen in the wake of positive developments, as highlighted by The Crypto Basic.
Most recently, Bermuda, a non-custodial privacy protocol, announced support for Shiba Inu which would give investors the opportunity to move their SHIB tokens without having to disclose their personal wallet details while doing so. This provides an extra layer of privacy for investors. As expected, the development was met with excitement.
Besides this, Travala’s support for Shiba Inu was recently extended, as the travel booking solution announced that the asset could be used to book activities at Phú Quốc, Vietnam’s most popular water sports destination.
Moreover, Atomic Wallet also recently declared support for Shibarium upon launch. This came up shortly after Shytoshi Kusama revealed on Thursday that the team plans to burn trillions of SHIB with Shibarium.