The Shiba Inu came close to losing the critical support level last week. But kripto analyst Ibrahim Ajibade’according to, network The recent increase in demand offers hope for a recovery soon. Analyst, SHIB priceof He is investigating how high he can go.
Shiba Inu networking activity up 36% in two weeks
The Shibarium scaling platform is starting to gain ground. So confidence seems to be returning to the Shiba Inu community. On September 23, Shibarium reached the three million transaction milestone. But interestingly, on-chain data shows that primary Shiba Inu network traction is not far behind. The Cryptoquant chart below reveals that the network recorded a two-week peak with 6,439 transactions on September 23. This represents a 36% increase from the 4,749 transactions confirmed on September 11, when the SHIB price fell to its lowest point since June 14.
Transaction Count estimates the current level of economic activity on a Blockchain network by tracking the daily number of confirmed transactions. A sustained increase in network activity typically means that the underlying native token is in demand. Shibarium L2 network increases transaction speeds. It also deepens the adoption of the SHIB token. The developers had already touted that it would bring a new dimension of growth. Unsurprisingly, Shibarium reached the three million milestone relatively smoothly. This coincided with a significant increase in the number of SHIB Transactions.
To buy SHIB orders increasing
The recent increase in the number of transactions has helped the Shiba Inu price recover from its lowest level since June 14. Further confirming the growing confidence within the SHIB community, there has been a noticeable influx of SHIB purchase orders across crypto exchanges. As you can see below, the bulls placed active orders to buy 5.07 trillion SHIB. This is 170 billion SHIB higher than the 4.9 trillion tokens currently on sale.
The Exchange On-Chain Market Depth chart shows the volume of active Shiba Inu orders across major crypto exchanges. As you can see above, market demand for SHIB has outstripped supply by over 170 billion SHIB. Therefore, this suggests that the successful relaunch of Shibarium and the increase in network traction may have increased investor confidence in the Shiba Inu ecosystem.
Shiba Inu price prediction: Potential upside above $0.000010
The above on-chain indicators show that SHIB price will likely rise towards the $0.000010 level. Global In/Out of Money Around Price (GIOM) data, which shows the purchase price distribution of current Shiba Inu owners, also supports this prediction. However, 421,190 holders have purchased 293.2 trillion SHIBs at a minimum price of $0.000008. If they close their positions early, they are likely to trigger a bearish trend. However, if the net pull intensifies, it is possible for the Shiba Inu price to rise above $0.000010 as predicted.
Conversely, if SHIB price loses the $0.000007 support, the bears are likely to take control. But in this case, 31,230 owners had purchased 17.4 trillion SHIBs at a minimum price of $0.00007, which could trigger an immediate recovery. However, if it breaks this support level, Shiba Inu price is likely to drop as low as $0.000006.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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