- Shibarium's performance stands resilient amid a broader market downturn, with consistent or rising transaction counts, new blocks, and Total Value Locked (TVL).
- SHIB is positioned at a crucial juncture, maintaining an upward trendline, potentially signaling a 70% rally if the trend persists.
- Robinhood's notable acquisition of SHIB reflects robust institutional interest in this meme cryptocurrency.
- Although daily active addresses on Shibarium have decreased, the increasing transaction count indicates a sustained demand for on-chain activities.
Shibarium, the backbone of the Shiba Inu network, has seen a significant surge in metrics according to ShibariumScan. Transaction counts and new block creation have either surged or remained stable over the past few months, indicating robust network activity. Despite a general market dip, the Total Value Locked (TVL) on Shibarium has maintained its position, showcasing the resilience of the Shiba Inu network.
The recent performance of Shibarium is noteworthy, as ShibariumScan reports a milestone of 300 million transactions, spanning 2.7 million blocks as of January 2024. Despite a decline in daily active addresses, the high transaction demand underscores the network's popularity. Additionally, data from DefiLlama indicates a gradual increase in Shibarium's TVL, rebounding from a low point in September 2023.
In parallel, amidst a market downturn, Shiba Inu has experienced a slight price dip. However, noteworthy is the strategic move by Robinhood and other large investors who have seized the opportunity to accumulate substantial amounts of SHIB. Robinhood's holdings in SHIB amount to about $339 million, making it the third-largest holding after Bitcoin and Ethereum. This reflects significant interest and investor confidence in SHIB's future price increase.
The question arises: can the positive trends in Shibarium translate into an improvement in Shiba Inu's price standing? Analyzing the charts, Shiba Inu has been in a prolonged consolidation since May 2022. The recent price movement indicates a potential turning point, with the cryptocurrency currently at a critical juncture on top of a major ascending trendline. If this trendline holds, there is a possibility of a rebound, retesting higher levels and potentially breaking out above key resistance. This scenario could lead to a substantial rally, as indicated in the provided price prediction.
However, it's essential to note that cryptocurrency markets are highly volatile, and any predictions come with inherent risks. Voice of Crypto provides information but emphasizes individual responsibility in making financial decisions, given the unpredictable nature of cryptocurrency markets. Users are advised to conduct thorough research and exercise caution in their investment decisions.
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