Shiba Inu (SHIB) Shows Signs of Growth
Over the past 24 hours, the cryptocurrency market has seen a positive trend, with various digital assets experiencing significant gains. One standout performer is the popular meme coin Shiba Inu, which has risen by 3% and is currently trading at around $0.0000167 according to CoinGecko.
Shibarium Network Sees Increase in Activity
Alongside the price surge, key indicators related to SHIB have also shown improvement. Data reveals a 15% increase in the number of daily transactions on Shibarium, a layer-2 blockchain solution designed to support the Shiba Inu ecosystem. The network has seen a significant spike in new contracts, with a 350% rise from 8 contracts on July 24 to 36 on July 25.
Enhancing SHIB’s Ecosystem
One of the main focuses for the SHIB community is to enhance the network scalability, lower transaction costs, and improve speed. These improvements could have a positive impact on SHIB’s valuation, as some industry participants believe.
Recent Developments
In the past 24 hours, SHIB has seen a significant increase in its aggregated daily transaction volume, with each transaction exceeding $100,000. The total volume reached almost $30 million, marking a 62% increase compared to the previous day.
Investor Confidence
The rise in whale activity, along with a general rally in the crypto market, indicates growing confidence from investors. This increased confidence can lead to higher demand and interest in the token, potentially attracting more participants to the ecosystem.
Looking Ahead
Other metrics, such as the SHIB exchange netflow and the Relative Strength Index (RSI), suggest that the current uptrend may continue in the near future. As shown on CryptoQuant, SHIB outflows have been positive, indicating a potential for further growth.
Shift Towards Self-Custody Methods in Crypto Trading
In the past month, there has been a noticeable increase in self-custody methods in the world of cryptocurrency trading, surpassing centralized platforms in terms of inflows. This shift is seen as a bullish sign, as it indicates a decrease in immediate selling pressure.
Technical Analysis: RSI and Price Movements
The Relative Strength Index (RSI), a tool used to measure the change and speed of price movements, currently stands at 46. A ratio above 70 suggests that an asset may be overbought and due for a correction. Traders are closely monitoring the RSI for any potential shifts in market sentiment.
Potential Concerns for SHIB Bulls
Despite the positive trends, some traders have raised concerns about the future of SHIB. One user predicted that if the token fails to hold above the major resistance level of $0.000017, it could potentially drop to $0.000015. As of now, the price is trading below this critical level, prompting caution among investors.
