Shiba Inu Price Analysis: Shibarium Hits 1B Transactions as Bulls Target $0.000020
Shiba Inu (SHIB), the second-largest meme cryptocurrency, is currently holding above the $0.000012 mark, despite a 4% dip in its price over the past 24 hours.
The SHIB/USD price action comes on the heels of a significant milestone for its layer-2 scaling solution, Shibarium, which has reached over 1 billion on-chain transactions. While the price faces short-term bearish pressure, bullish sentiment remains as traders eye a potential rally towards the $0.000020 target.
Shibarium Achieves 1 Billion Transaction Milestone, Fueling Bullish Hopes
Since its August 2023 inception, Shibarium handled its billionth transaction on March 31, completing less than two years what took Bitcoin 15 years. With over 193 million addresses engaging with the system, the network today manages about four million transactions everyday. With 10.23 million mined blocks and a 5-second average block time, Shibarium’s performance shows increasing acceptance despite early technical difficulties upon launch.
SHIB/USD Technical Analysis Points to Potential Breakout
Daily chart of SHIB shows a channel pattern whereby the token maintains bullish dominance above $0.000012. Price movement recently points to a Morning Star pattern developing following Monday’s Doji candlestick. But declining EMAs offer great opposition; the MACD approaches a bearish crossing.
The immediate difficulty comes from the 20-day EMA at $0.000013. While ongoing weakness could challenge $0.000010 support, a successful channel breakout might aim at the $0.000020 psychological level.
SHIB’s Bullish Derivatives Data
Future market data indicates rising optimism despite technical challenges. With the long-to—short ratio at 1.0321 suggesting a positive change, open interest has climbed 3.47% to $121.57 million. Rising to 0.0073%, the funding rate reflects traders’ higher hopes for a breakout.
With transactions over $100,000 rising from $12.58 million to $45.53 million in seven days, on-chain data from IntoTheBlock expose a surge in significant transaction volume suggesting increasing whale activity.
Historic Returns and Market Position
Over the 2021 bull run, SHIB produced many millionaires. If sold at the October 2021 top ($0.000086), a $10,000 investment started in August 2020 would have produced about $1.03 billion—a startling 10.3 million percent return.
Currently ranked 17th by market capitalization, SHIB would need a 224% rise to top 9th-ranked Cardano ADA/USD, with a price of over $0.00003930 per token—still 55.56% behind its all-time highest.
Shiba Inu Price Prediction for April
Following a difficult March with a 7% drop, April began well with almost 4% increase on the first day. With SHIB maybe reaching $0.00002069 on April 4, AI prediction tool CoinCodex projects a possible 63% increase later this week.
The SHIB community keeps emphasizing on utility development and token burns to help price appreciation. Market mood is shockingly positive even if 85.22% of holders now find themselves in losing situations.
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