Dogecoin Killer: Shiba Inu (SHIB) has recently emerged as a dark horse, attracting the attention of market traders. Due to its surging pump volume, many people are wondering: Is this just a short-lived trend, or does SHIB have the potential for sustained growth? Recently, there has been a noticeable increase in media reports suggesting that the release of Shibarium is imminent. This has attracted a lot of media attention, and the speculation surrounding the release has greatly boosted Shiba Inu's market activity.
SHIB and BONE surge as Shibarium launch approaches
Bullish developments in Shiba Inu’s Layer 2 solution, Shibarium, have been a significant catalyst for the recent surge in SHIB’s price. Anticipation and positive sentiment around Shibarium’s upcoming launch have fueled investor interest, leading to a significant uptick in SHIB’s market performance.
BONE, a component of the Shiba Inu ecosystem and the upcoming Shibarium, has also seen an impressive 10% surge in price over the past 12 hours.
Adding to this optimistic narrative is the impressive progress of the Shibarium beta testnet, known as “Puppynet.” Since its launch on March 11, Puppynet has continued to hit new milestones, demonstrating its potential demand and utility in the crypto ecosystem.
A major achievement for Puppynet was processing over 33 million transactions, a milestone that highlights the high activity on the testnet. According to Puppyscan, the Shibarium testnet has processed a total of 33,072,763 transactions to date.
In addition, the public testing phase of the Shibarium Bridge beta has begun. The bridge is designed to support the Ethereum token standard ERC-20. After the mainnet is officially launched, the bridge is expected to greatly enhance Shibarium's liquidity. In addition, it will greatly improve the utility of the protocol network.
What’s next for SHIB price?
In the past few hours, the price of SHIB has witnessed a massive surge in trading volume and buying pressure. As a result, the price broke above the critical resistance line of $0.000008. Shiba Inu touched a high near $0.00000839 but failed to extend further due to low buying activity. As of the time of writing, SHIB is trading at $0.00000823, having surged by more than 5.7% in the past 24 hours.
The recent highs have attracted the attention of sellers, reversing the trend. SHIB price quickly fell below the 23.6% Fib channel and the bears are aiming to sink the Meme coin below $0.000008. While this level may also attract new buyers, if the bulls maintain their stance around this level, SHIB price could rise to test $0.0000086. If successful, the price could surge to $0.0000091 and then to $0.00001.
To halt this uptrend, the bears need to quickly sink the price below the breakout level of $0.000008. Such a move would mean that the recent breakout could be a false bullish signal.
