Shiba Inu price shows signs of recovery as new investors keep buying SHIB tokens in anticipation of Shibarium’s public relaunch.
The crypto market has been going through a rough patch lately, but Shiba Inu, the popular dog-themed token, has managed to stay positive in the last 24 hours. This is a welcome change after the steep drop that $SHIB faced last Thursday.
The reason for the drop was a lot of negative comments from critics who were not happy with the launch of Shibarium, the new layer 2 solution for Shiba Inu. The launch did not go as smoothly as expected, and some issues arose that needed to be fixed. Shytoshi Kusama, the lead developer of Shiba Inu, quickly addressed the situation and assured the community that everything was under control. However, SHIB’s price suffered a big blow, losing more than 11% of its value on Thursday, going from $0.00000936 to a low of $0.00000725.
SHIB Price Bouncing Back, Here’s Why
But SHIB did not give up and soon resumed its upward trend as Shiba Inu developers worked hard to prepare for the public relaunch of Shibarium. If we look at the SHIB/USDT 1D chart, we can see that the token has been green for the last three days.
This means that the buyers have taken over from the sellers, pushing SHIB above the $0.000008 price level again. As we mentioned, the main reason behind SHIB’s latest comeback is the upcoming Shibarium relaunch for public use.
#Shibarium is a layer 2 solution that aims to make transactions faster and cheaper for Shiba Inu users. It was launched for the first time a few weeks ago, but it had to be taken offline by Shiba Inu developers because it could not handle the huge number of users that wanted to try it out. As Kusama updated, Shibarium is currently in private mode but working normally.
The lead developer also said that the network is being tested to make sure it is stable and secure before relaunching it for public use. He said that Shibarium’s scaling capacity has been increased by 1,500%, and more resources have been bought from Alchemy, a leading blockchain infrastructure provider.
On the other hand, the total number of crypto investors holding SHIB has grown significantly in the past weeks. At the time of writing, CryptEye, an on-chain analytic platform, showed that there are 2,418,891 (2.4M) non-zero SHIB wallets, with 7 Days Change of +2,714 and 1 Month Change of +15,464 holders.
Community members are hopeful that SHIB could achieve even higher gains when Shibarium finally relaunches. Meanwhile, #Shibainu is trading at $0.00000834, with a 1.71% increase in the last 25 hours.
