#Shibainu (SHIB) unexpectedly broke out of a short consolidation on Tuesday, following the general market advance and hitting a 10-day high of $0.00000850.

Grayscale's court triumph over the US Securities and Exchange Commission contributed to this rise further (SEC). Nevertheless, the biggest driver of the renewed hope was Shibarium, the Ethereum layer-2 network supported by SHIB coins.

Resurgent #Shibarium Supports Bullish Feeling For SHIB Price

With a stunning increase in wallet count to 337,100, Shibarium, the layer-2 #blockchain specifically created for the Shiba Inu coin SHIB, has reached a crucial milestone.

After recent difficulties encountered by the SHIB-backed layer-2 infrastructure, the spike in new wallet addresses implies fresh interest and raised expectations.

Increased wallet activity reveals undeniable trust in Shibarium's ability to deliver a "improved user experience." Also, the number of transactions has dramatically increased following a decline that saw daily transactions fall to 40,000 on August 27 from a record of 132,000 on August 25.

Shibarium is an appealing solution for retail investors seeking quicker, more affordable, and private off-chain transactions while gaining from the underlying security of the blockchain thanks to the comeback, increased confidence, spike in new wallets, and everyday transactions.

Shiba Inu announced the effective operation of the much awaited Shibarium Bridge on August 28, 2023, after a challenging start. By enabling smooth money transfers from the Ethereum Layer-1 to the Shibarium Layer-2 platform, this bridge speeds up transactions and lowers costs.

Shibarium originally faced into problems after introduction, with high user and transaction volumes leading to a "outage."

According to crypto influencer Keyur Rohit, Sandeep Nailwal, a co-founder of Polygon Labs, was enlisted by Shytoshi Kusama, co-founder of SHIB, to help resolve this problem. They handled the issues collectively, assuring the security of the money. Kusama thanked Sandeep for his assistance.

Remarkably, Shibarium made important advancements following the early difficulties. To "better address" on-chain congestion, the team impressively increased the size of its server infrastructure.

These remedial actions have caused the user base to quickly expand and the price of the SHIB token to rise.

Shibarium has also attained a significant Total Value Locked (TVL) of $1.42 million. This accomplishment marks a crucial turning point and exhibits the growing passion among Shiba Inu network members.

Is $SHIB 's Uptrend In Danger?

Although SHIB has recently recovered and there have been significant changes within its original ecosystem, the euphoria that first surrounded the coin has since subsided. SHIB is presently trading at $0.00000813, having lost more than 3% of its value over the previous day.

The token's inability to overcome its 50-day Moving Average, shown by the brown line on the daily chart above, adds to the worry. When SHIB soared momentarily to the $0.000001137 level in July 2023, it has been difficult for it to surpass this important moving average.

A ray of optimism exists, though, if the general market, especially the leading cryptocurrency Bitcoin (BTC), opens the path for more liquidity in the developing industry.

If SHIB is able to overcome this important moving average, it may indicate the possibility of another powerful upswing like the ones saw in January and July, when the token hit its yearly high.