2023-8-28 10:42 |
Altcoins recorded notable retracement in August alongside the bellwether Bitcoin. Meanwhile, some have printed recovery signals, and Shiba Inu appears ready for the upside party.
Shiba Inu’s Shibarium mainnet release encountered block production issues that saw the meme token losing around 30% (read more). SHIB lost 2% within the last 24 hours to trade at $0.000008 at press time.
Meanwhile, an optimistic side is massive Shiba Inu tokens have moved off-exchange wallets lately. The previous week saw around 2 trillion SHIB coins pulled from cryptocurrency exchanges.
#ShibaInu | A staggering 2 trillion $SHIB tokens have been pulled from known #crypto exchange wallets just this past week. pic.twitter.com/MiWMNUp7jY
— Ali (@ali_charts) August 27, 2023Shia Inu holders have withdrawn 1.8 trillion tokens, worth approximately $14.5M at the asset’s present value, between 17 August and 26 August. This development indicated chances of another supply squeeze substantially affecting Shiba prices. Increased market demand amid faded Shibarium worries may trigger upsurges in the meme coin.
Shibarium live & operating wellMonday’s blog post by Shytoshi Kusama revealed that Shibarium is live and operating optimally. Kusama stated they will re-open their channels as “Shibarium is ready for prime time,” and funds are secure.
🚀 #Shibarium is officially LIVE! With 65K wallets & 350K transactions. pic.twitter.com/Nk3RrLn1gx
— Aaryan (@Aaryan92757628) August 28, 2023Stats show Shibarium has amassed more than 65,000 wallets and processed around 350,000 transactions. Also, the Shiba Inu developer commented on the dedication and resilience SHIB’s community has portrayed.
Further, Kusama expressed gratitude for Polygon’s unwavering support during the struggles. Sandeep helped SHIB’s team with additional resources for a promising result to the initial hurdles.
Shibariumscan.io data indicated that Shibarium processed approximately 132,739 transactions on 25 August – the highest figure since the 24 August public re-start. Nonetheless, the numbers plunged during the weekend, with Saturday and Sunday recording 78,870 and 40,433 transactions, respectively.
Shiba Inu team seems to have solved block production issues that emerged during Shibarium’s initial launch.
Shiba Inu’s daily active addressesMeanwhile, Shiba Inu retains a neutral market demand. The Daily Active Addresses (DAA) metric plunged by 56% (to 3,647 from 8,214) between 16 August and 26 August.
Source – CryptoQuantActive addresses measure the number of individuals engaging/transacting on a blockchain platform in 24 hours. Thus, market players using Shiba Inu to transact has significantly reduced.
Shibarium re-launch might trigger a bullish bias for the Shiba Inu price. With increased usage and possibly increased token burns, enthusiasts might flock to the alt in the upcoming days.
Nevertheless, Shiba Inu’s price should overcome multiple hurdles to ensure a smooth upside journey.
The post Shiba Inu (SHIB) displays upside momentum for the week ahead – here’s why appeared first on Invezz.
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