23,000% Spike Hints at New SHIB High

• Shibarium’s rapid growth, with a 23,000% spike in transactions, signals strong user interest, boosting SHIB’s upward potential.
• Analysts project SHIB could reach $0.000081 if it maintains higher lows and breaks key resistance, indicating significant growth prospects.

As we discussed last week, SHIB was poised for a potential breakout with an 880% surge in its burn rate and Shibarium transactions up by 1,054%. Since then, Shiba Inu (SHIB) has experienced sideways price movement, followed by a bearish dip. Despite this recent decline, analysts remain optimistic about a potential breakout for SHIB.

Cryptocurrency analyst Javon Marks forecasted that SHIB could hit $0.000081, representing a potential gain of over 330%. In a recent tweet, Marks expressed his bullish outlook, noting:

Shiba Inu’s >4X: Recently, $SHIB (Shiba Inu) showed a slight positive response to a Hidden Bull Divergence pattern with significant positive price movement.

Marks, who has closely tracked SHIB’s progress for months, previously predicted a 162% recovery in July, targeting a price of $0.000081, totaling a surge exceeding 354%. His enthusiasm is shared by other analysts, including MMBTrader, who recently highlighted SHIB’s formation of higher lows and highs on TradingView.

MMBTrader anticipates a 100% gain from current levels and a 200% increase from support at $0.000011. He further noted that if SHIB can break past the key resistance at $0.00002, it may unlock additional upside potential.

Shibarium’s Growth Boosts SHIB’s Prospects

Fueling further optimism is the rapid development of Shibarium, the layer-2 scaling solution for the Shiba Inu network. Recent data reveals a dramatic increase in Shibarium’s activities, with transactions jumping from about 7,527 to 1.77 million over the last 30 days—a staggering 23,368% growth, as recorded on Shibariumscan.

This surge reflects growing user interest in Shibarium, with new account creation on the platform soaring by 2,484%, from 816 to 21,086 accounts. Additionally, active accounts have risen by 1,967%, reaching 26,237. This influx indicates increased user engagement within the Shiba Inu ecosystem, bolstering confidence in SHIB’s upward potential.

Currently, Shiba Inu (SHIB) is priced at $0.0000171, showing a 0.70% increase in the past day but a 9.81% decline over the past week.