Shiba Inu Price Prediction as Price Pulls North: Is the Recovery Rally to $1 Underway?
Shiba Inu (SHIB), the crypto industry’s second most valuable meme cryptocurrency by market capitalization, is on course to post a price rise for a fifth consecutive day.
SHIB/USD was last trading just above $0.000007, around 8% up from the multi-month lows it hit last week.
While Shiba Inu’s performance in recent days has been positive, the cryptocurrency is yet to break back above its 50DMA and out of the downtrend it has been stuck within since late August.
While Bitcoin (BTC) looks on course to gain around 15% this month amid optimism about upcoming spot Bitcoin ETF approvals, SHIB remains around 2% lower on the month, probably amid ongoing pessimism about the underwhelming launch of the Shibarium layer-2 blockchain protocol back in August.
Shiba Inu developers have been working diligently in recent years to boost the underlying utility of the SHIB token by developing a meaningful web3 ecosystem around the token.
A key part of this vision was to launch an Ethereum layer-2 scaling protocol – Shibarium – that could provide a home to the Shiba Inu web3 ecosystem, facilitating fast and cheap transactions in the process.
But the Shibarium launch back in August was a dud.
The blockchain was immediately plagued by problems and outages.
This appears to have dealt significant damage to crypto investors/market participants’ confidence in the project, because blockchain activity on Shibarium has remained very weak ever since.
According to shibariumscan.io, the number of active accounts on Shibarium has been stagnant below 1,000 since early September.
Daily transaction numbers and transaction fees have also been stagnant at very weak levels, suggesting continued poor demand for the blockchain.
Meanwhile, as per DeFi Llama, after peaking at
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