Categories: Analysis

Shiba Inu Is Creating New Momentum With Over 30% Gain

Key Points:

Shiba Inu’s price soars, reaching $0.000010 from five zeroes after prolonged trading below.
SHIB’s struggle to hold the level intensifies amid the approaching launch of the Shibarium layer-2 network.
A recent 30% surge fueled by network anticipation and ecosystem expansion hints at ongoing growth potential.

Shiba Inu, the popular meme coin, is currently leading the charge in the meme coin market, surpassing its counterparts in terms of gains.

Shiba Inu Is Creating New Momentum With Over 30% Gain 3

Notably, Shiba Inu has managed to shed one zero from its price, surging to the significant threshold of $0.000010. This milestone holds significance as the coin had been trading with a five-zero price since May, lingering below the $0.00001 mark.

Although the bullish momentum propelled SHIB above this psychological boundary on August 5, the bears retaliated, resulting in a retest of this critical level. After several days of rallying, SHIB is once again challenging this vital juncture. The struggle to maintain a foothold above $0.000010 is fierce, given its potential to unlock further gains.

At the latest update, SHIB showed marginal growth, up 1.37% in the past 24 hours, resting at $0.0000107. The coin has shown consistent growth since touching a low of $0.0000054 in June.

SHIB price chart. Source: TradingView

The driving force behind Shiba Inu’s recent surge can be attributed to the imminent launch of its Shibarium layer-2 network. Lead developer Shytoshi Kusama recently indicated that the layer-2 network is slated to debut this month.

Notably, other tokens connected to Shiba Inu, such as BONE, have also experienced positive gains.

Over the past week, SHIB has witnessed a 30% surge, while the last 30 days have seen an impressive 78% increase. This resurgence comes on the heels of delays in the full rollout of the Shibarium layer-two network.

With the forthcoming Shibarium launch anticipated to enhance SHIB’s utility and the broader Shiba Inu ecosystem, it appears only a matter of time before this altcoin enjoys sustained growth once more.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.