Shiba Inu Reclaims Uptrend Amid Increasing Holders and Shibarium Relaunch.
Shiba Inu price regains momentum as new investors continue to accumulate SHIB tokens ahead of Shibarium’s public relaunch.
Despite the prevailing bearish conditions in the broader cryptocurrency market, the leading canine-themed token, Shiba Inu, has shown bullish tendencies in the past 24 hours. This positive development comes after the sharp decline encountered by the SHIB last Thursday.
Particularly, SHIB printed a long red candle last week following an escalated FUD from critics. This FUD, fueled by the hurdles encountered by Shibarium on its debut, was quickly dismissed by Shytoshi Kusama. Notably, SHIB’s price dropped by over 11% on Thursday, falling from $0.00000936 to a low of $0.00000725.
SHIB Price Moving Upward, Here’s Why
However, SHIB quickly reclaimed its uptrend as Shiba Inu developers gear toward the public relaunch of Shibarium. A look at the SHIB/USDT 1D chart shows that the trending cryptocurrency has printed green candles only in the past three days.
This indicates that the bulls have taken over from the bears, pushing SHIB above the $0.000008 price mark yet again. As mentioned, the primary reason behind SHIB’s latest recovery is the upcoming Shibarium relaunch for public use.
It bears noting that the L2 solution was taken offline by Shiba Inu developers to increase its throughput and capacity. This became necessary as Shibarium could not withstand the unexpectedly high influx of users it recorded on its launch day. As updated by Kusama, Shibarium is currently in private mode but producing blocks normally.
The lead developer added that the network is being tested to ensure maximum stability before relaunching it for public use. According to him, Shibarium’s scaling capacity has been increased by 1,500%, and more compute units have been purchased from Alchemy.
On the other hand, the total number of crypto investors holding SHIB increased dramatically in the past weeks. At press time, the on-chain analytic platform CryptEye showed that there are 2,418,891 (2.4M) non-zero SHIB wallets, with 7 Days Change of +2,714 and 1 Month Change of +15,464 holders.
Community members speculate that SHIB could pose greater gains when Shibarium finally relaunches. Meanwhile, Shiba Inu is exchanging hands at $0.00000834, boasting a 1.71% increase in the past 25 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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