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For several months, the excitement surrounding the launch of Shiba Inu’s Shibarium has kept the cryptocurrency community engaged. Although the launch date is still unclear, a recent update from the primary developer has reignited optimism for a forthcoming release. This renewed anticipation has revitalized SHIB, propelling its value on a more profitable upward path since early August.
Kaiko, a well-regarded market data provider, recently highlighted Shiba Inu’s favorable price movement over the last few weeks. The data indicated a remarkable 25% rise in SHIB’s value since July 1st. An examination of the SHIB daily chart revealed a crucial turning point – despite a 12.9% decline on June 10th, the price astonishingly recovered by more than 40%.
August proved to be a notable month, experiencing an almost 15% increase in value within a single trading session. This surge represented the most significant rise in nearly five months. SHIB continues to exhibit a consistent 2% increase in value, driven by clear bullish momentum supported by the Relative Strength Index (RSI).
The recent price activity demonstrated a determined effort to surpass its long Moving Average (blue line), which serves as a resistance level. In contrast, the short Moving Average (yellow line) provided immediate support.
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This bullish trend can be traced back to a significant post by the lead developer, Shytoshi Kusama, on July 31st. Kusama’s message alluded to the forthcoming Shibarium launch, indicating the need to “mint the remaining supply of BONE and renounce the BONE contract.
Additional insights from Puppy Scan, a tracking tool, pointed out a temporary suspension in transaction tracking on the Shiba Inu Shibarium’s testnet. Prior to this pause, the Layer 2 (L2) testnet had been consistently processing an average of 250,000 daily transactions. This cumulative activity achieved an impressive milestone, exceeding 35 million transactions and showcasing over 17 million wallets on the platform.
While the precise reason for the scanner’s halt in testnet transaction tracking remains uncertain, one plausible explanation could be the upcoming launch of the beta version.
August experienced modest yet noteworthy increases in SHIB’s transaction volume. On August 5th and 7th, the transaction volume exceeded $160 million, a level not seen in over a month. Currently, the transaction volume is around $32 million.
In contrast, the 30-day tally of active addresses has not reflected the same enthusiasm as other metrics. A decline in active addresses has been noticeable since the start of the month. At the time of writing, the number of active addresses was recorded at 114,000, raising concerns about SHIB’s overall user engagement amid its ongoing developments.
The post Shiba Inu’s SHIB Token: Anticipation Builds Amid Positive Price Trends appeared first on BitcoinWorld.
