- The second-largest memecoin, SHIB, has experienced an 8% rise in the last 24 hours and a 12% increase in the past seven days, trading at $0.000007993 on Wednesday.
- Shibarium, an Ethereum Layer 2 protocol dedicated to the Shiba Inu ecosystem, continues to see significant growth after a challenging launch in August.
- Predictions suggest that Shibarium can help burn approximately 111 trillion SHIB tokens annually, accounting for about 20% of the circulating supply.
Demand is observed to be on the rise as the number of wallets created in the Shibarium network exceeds 1 million: What is the target price for SHIB?
Increasing Demand for Shiba Inu Wallets
While Shiba Inu (SHIB) has been slow to join the rally, there are current signs of meme coin enthusiasm directed towards tokens like Pepe Coin (PEPE), Floki Inu, and Dogelon Mars. The second-largest memecoin, SHIB, has experienced an 8% rise in the last 24 hours and a 12% increase in the past seven days, trading at $0.000007993 on Wednesday.
While this increase may be smaller compared to Bitcoin’s rise to $35,000, Solana’s move to $32, and Pepe Coin’s rise to $0.000001146, it pushed Shiba Inu beyond two important levels for discussion.
Shibarium, an Ethereum Layer 2 protocol dedicated to the Shiba Inu ecosystem, continues to see significant growth after a challenging launch in August. According to Blockchain Researcher, the protocol has completed an average of 1,325,000 blocks with an average block time of approximately 5 seconds.
The number of wallets created in the network has exceeded 1.25 million, processing 3.5 million transactions. As a Layer 2 scaling protocol, it is expected to have significantly lower transaction costs per transaction compared to the main Ethereum network, currently averaging around 1.81 Gwei. The daily transaction count is approximately 12,680.
Meanwhile, as the Shiba Inu price continues on a path towards $0.00001, the rate of SHIB burning has decreased by 72% in the last 24 hours with 28 million tokens burned. The burning program is crucial for a token with a large total supply (589 trillion).
Shibarium will also contribute to the burning program, with approximately 70% of transaction fees on the Shibarium network being used to burn SHIB. Predictions suggest that Shibarium can help burn approximately 111 trillion SHIB tokens annually, accounting for about 20% of the circulating supply.
Is a Rise to $0.00001 Possible for SHIB Price?
Shiba Inu is standing above two critical levels: the 21-day Exponential Moving Average (EMA) (in red) and the rising trendline on the daily chart. If the upward trend continues in the next sessions, additional support may come from the 100-day EMA (in blue).
An buy signal from the Moving Average Convergence Divergence (MACD) supports a bullish outlook, indicating that the upward trend may be starting, so the gap to $0.00001 could be closed by the weekend.
If the daily close occurs above the 100-day support level, which is at $0.00000768, more traders may consider buying SHIB without worrying about a sudden crash. In this case, taking profits could begin around the 200-day EMA (in purple), but extremely bullish traders will likely aim for gains above $0.00001.
On the other hand, the rising trendline, now acting as support, will help Shiba Inu maintain a bullish outlook. However, if losses intensify, SHIB may drop further and use liquidity to gain support at the 21-day EMA or the double-bottom support at around $0.00000676.
