In a surprising turn of events, the crypto market’s underdog darling, Shiba Inu, is barking back with renewed vigor amidst an otherwise somber landscape for digital currencies. The last 24 hours have seen Shiba Inu (SHIB) making an unexpectedly bullish sprint, marking a stark recovery from the stumble it faced just last week.
Resilience seems to be SHIB’s forte, as it shrugged off a considerable setback that had analysts and critics raising eyebrows. A vivid red candle dominated the charts last week, representing the hurdles exacerbated by Shibarium’s rocky debut. Amidst the growing FUD (fear, uncertainty, doubt) propagated by skeptics, an unexpected figure emerged to dispel the shadows.
Shytoshi Kusama, a prominent voice in the SHIB community, quickly diffused the concerns driving the token down. Despite SHIB’s value plummeting by over 11% last Thursday, sinking from $0.00000936 to $0.00000725, the stage was set for a turnaround.
The wheel of fortune has taken a spin in SHIB’s favor, reigniting its upward trajectory, and this time with vigor. Investors and enthusiasts witnessed the past three days adorned with nothing but green candles on the SHIB/USDT 1D chart. The tide, it seems, has turned from bearish to bullish, guiding SHIB north of the $0.000008 mark once again. The driving force behind this remarkable resurgence hinges on the highly anticipated revival of Shibarium.
Due to overwhelming demand, the Shibarium network, a crucial component of SHIB’s ecosystem, had faltered on its debut. Shiba Inu developers’ temporary halt was a strategic move to enhance the platform’s throughput and capacity. According to the lead developer, the network is presently in a private testing phase, ensuring a rock-solid foundation before re-emerging for public use. A staggering 1,500% has supercharged Shibarium’s scaling capabilities, while additional compute units have been procured from Alchemy to fortify the network’s capabilities.
Noteworthy is the surging influx of new SHIB investors in recent weeks. The on-chain analytics platform CryptEye’s real-time data reveals a meteoric rise in SHIB wallet holders. Presently, the count rests at 2.4 million non-zero SHIB wallets, with a 7-day increase of +2,714 and a 1-month surge of +15,464 holders.
Anticipation hangs heavy in the air as the crypto community speculates on SHIB’s potential gains following Shibarium’s imminent revival. As the token changes hands at $0.000008272, a decline of 0.26% in the last 24 hours, all eyes are on SHIB to see if it could maintain its bullish gallop amidst an often volatile market.
