The Shibarium Layer-2 network has been a busy hub, facilitating 310 million transactions in its mission to combat Ethereum’s soaring fees, which have hampered widespread adoption.
As the developer community ramps up its efforts, the SHIB token is showing signs of recovery after an 85% drop from its 2022 peak.
Unlike its canine-themed counterparts, Shiba Inu does not rely solely on celebrity tweets to gain attention. Instead, the team is actively developing the platform, and this proactive approach appears to be popular with investors.
Ali, a well-known crypto analyst, notes that the current market conditions are similar to previous accumulation periods in October and July 2022.
More so, he uses a technical tool known for detecting trend changes to identify early signs that Shiba Inu may be bottoming out.
If history repeats itself, the emerging buy signal indicates a potential 28% increase in Shiba Inu to reclaim the $0.000011 resistance level.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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