Shiba Inu, the most popular canine-themed coin, has displayed positive tendencies over the past 24 hours despite the general bearish conditions in the cryptocurrency market. This encouraging development follows the dramatic decrease SHIB experienced on Thursday. Shiba Inu pricing picks up steam as new investors continue to assemble SHIB tokens prior to the public launching of Shibarium.
In particular, SHIB made a long red candle last week in response to opponents’ escalating FUD. Shytoshi Kusama immediately dispelled this FUD, which was motivated by the difficulties Shibarium faced when it made its debut. Notably, SHIB’s price fell on Thursday, dropping from $0.00000936 to a low of $0.00000725, a decrease of more than 11%.
However, as Shiba Inu developers prepare for the public relaunch of Shibarium, SHIB swiftly resumed its upward trend. Looking at the SHIB/USDT 1D chart reveals that the popular cryptocurrency has only recently—within the last three days—printed green candles. This shows that the bulls have supplanted the bears and are now driving SHIB’s price over $0.000008 once more.
Related Reading: Shiba Inu: Shibarium Ready to Go After Additional Tests
Factors Responsible for SHIB Price Surge
As previously stated, the impending reopening of Shibarium for public usage is the main factor contributing to SHIB’s most recent comeback. It is important to note that Shiba Inu engineers turned off the L2 solution to boost throughput and capacity. This was required because Shibarium was unable to handle the unforeseenly large rush of users it experienced on its debut day. Shibarium is currently manufacturing blocks normally while in private mode, according to Kusama’s post.
The network is being evaluated for optimum stability before being relaunched for general use, the main developer noted. He claims that more compute units have been acquired from Alchemy, and Shibarium’s scaling capability has been raised by 1,500%. On the other hand, the overall proportion of cryptocurrency holders of SHIB has sharply climbed in recent weeks. As of the time of publication, there were 2,418,891 (2.4M) non-zero SHIB wallets, with 7 Days Change of +2,714 and 1 Month Change of +15,464 holders, according to the on-chain analytic platform CryptEye.
When Shibarium eventually starts again, some members of the community think SHIB might offer larger benefits. The live Shiba Inu price today is $0.000008 with a 24-hour trading volume of $174,901,530. Shiba Inu is up 0.99% in the last 24 hours.
Shiba Inu is up 0.99% in the last 24 hours. Source: CoinMarketCap