Shibarium Shatters Records, While SHIB Price Remains Under Bearish Claws! What’s Next?

The post Shibarium Shatters Records, While SHIB Price Remains Under Bearish Claws! What’s Next? appeared first on Coinpedia Fintech News

The memcoins share more than $19 billion of the market cap, with over a billion in trading volume. While the markets have begun to rise, no specific price action has been recorded other than a couple of minor and short-lived upswings. However, Shiba Inu, which began its journey as a tough competitor for Dogecoin, is about to make a fine upswing very soon.

Shibarium, the layer-2 solution for Shiba Inu, achieved a remarkable milestone with over 5 million transactions processed, showcasing a significant surge in activity. In just 24 hours, Shibarium recorded 748K transactions, marking a remarkable surge from the previous day’s 16.63K transactions, which currently record 5.11 million.

Beyond these transaction numbers, the ecosystem boasts some interesting statistics, including 30,369 accounts, 1.27 million addresses, 301,237 BONE transfers, and support for 8,575 tokens. This rise in levels indicates the platform’s rapid adoption, which may also have a significant impact on the SHIB & BONE prices. The increased activity and utility on the network are expected to drive demand for these native tokens. 

Shiba INU (SHIB) Price Analysis

• The Shiba Inu price continues to trade within a symmetrical triangle and is slowly approaching the apex of the triangle

• Besides, the DMI is uncertain as the ADX is displaying bearish divergence. However, the +Di & -Di levels are going parallel and to trigger a bullish rise, a bearish crossover needs to be imminent

• Hence, the SHIB price is believed to slide below $0.000008, which may further trigger a healthy rebound and reach beyond $0.000009.

Bone ShibaSwap (BONE) Price Analysis

• The BONE price soared beyond the bearish pattern as the buying pressure accumulated, pushing the price towards the higher resistance

• As the RSI is rising, the price could continue to surge and eventually test the higher resistance zone between $0.777 and $0.799.

• If the bulls hold within these levels, then a rise to $0.9342 can be imminent, which may further propel the price beyond $1.