For several months, the anticipation surrounding the launch of Shiba Inu’s Shibarium has kept the cryptocurrency community on its toes. While the launch date remains uncertain, a recent announcement from the leading developer has rekindled hope for an impending release. This anticipation has breathed new life into SHIB, driving its value on a more lucrative upward trajectory since the beginning of August.
Kaiko, a reputable market data provider, recently shed light on Shiba Inu’s positive price movement over the past few weeks. The data revealed an impressive 25% increase in SHIB’s value since July 1st. Delving into the SHIB daily chart unveiled a significant turning point – despite a 12.9% dip on June 10th, the price remarkably rebounded by over 40%.
August emerged as a standout month, witnessing an almost 15% surge in value within a single trading period. This spike marked the most substantial increase in nearly five months. SHIB continues to demonstrate a steady 2% uptick in value, propelled by evident bullish momentum substantiated by the Relative Strength Index (RSI).
The recent price movement showcased an ambitious attempt to breach its long Moving Average (blue line), acting as a resistance point. Conversely, the short Moving Average (yellow line) was the immediate support.
Attributed to a pivotal post by the lead developer, Shytoshi Kusama, on July 31st, this bullish trend originated. Kusama’s post hinted at the impending Shibarium launch, signaling the necessity to “mint the remaining supply of BONE and renounce the BONE contract.”
Further insights from Puppy Scan, a tracking tool, highlighted a temporary halt in transaction tracking on the Shiba Inu Shibarium’s testnet. Before this pause, the Layer 2 (L2) testnet had consistently processed an average of 250,000 daily transactions. This cumulative activity reached an impressive milestone, surpassing 35 million transactions and showcasing over 17 million wallets on the platform.
While the exact reason for the scanner’s cessation of testnet transaction tracking remains speculative, one plausible explanation is the imminent launch of the beta version.
August saw modest yet significant spikes in SHIB’s transaction volume. On August 5th and 7th, the transaction volume surged beyond $160 million, a benchmark not reached in over a month. Currently, the transaction volume hovers around $32 million.
Contrastingly, the 30-day count of active addresses has not mirrored the same vigor as other metrics. A decline in active addresses has been discernible since the beginning of the month. At the time of writing, the count of active addresses stood at 114,000, raising questions about SHIB’s broader user engagement amid its ongoing developments.