In the world of cryptocurrencies, Shiba Inu (SHIB) has been making noteworthy strides lately. It’s presently trading at $0.000008278, marking a 2.08% increase over the past day and a modest 0.2% rise over the week. Despite its meme origins, SHIB’s market capitalization has grown to an impressive $4.8 billion.

Looking at its recent performance, SHIB appears to have found support around $0.00000762 while facing resistance around $0.000009. These levels provide insights into where the price might be headed.

SHIB 1-day price analysis. Source: Finbold

The recent legal victory of Grayscale Investments against the U.S. Securities and Exchange Commission (SEC) has had a positive impact on the wider cryptocurrency market.

The optimism around the possibility of a Bitcoin exchange-traded fund (ETF) led to a brief surge in Bitcoin’s price, reaching as high as $28,000 after the announcement. Interestingly, SHIB also followed suit, benefiting from the improved overall market sentiment.

Shibarium wallet addresses hit 300k

A significant development within the SHIB ecosystem that could help see its price rise is the revival of Shibarium, a blockchain platform designed for Shiba Inu. Co-founder Shytoshi Kusama confirmed Shibarium’s return on August 28, resulting in an impressive influx of 35,000 new wallets within just one day, pushing the total user count beyond 100,000.

Recent data shows a remarkable growth in Shibarium adoption. Initial figures of 65,000 wallets and 350,000 transactions have seen a substantial increase of 370.9% and 48.6%, respectively, according to Shibariumscan.io.

The blockchain now boasts 306,135 wallets facilitating over 520,117 transactions across 367,739 blocks, with a remarkably swift average block time of 5 seconds.

The number of wallet addresses on Shibarium re-opening. Source: Shibarium Scan

With positive developments like the resurgence of Shibarium and the overall market optimism, the SHIB community and investors are eagerly looking ahead to what the future has in store.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post SHIB price prediction as Shibarium hits 300,000 wallet addresses appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.