Last Updated on January 16, 2023 by Bitfinsider
As the Shibarium upgrade event approaches, investors are optimistic that SHIB’s price will soon reach $0.000012, following Shiba Inu’s massive rally above $0.000011. Today, Shiba Inu reached $0.000011, two months after its price dropped to a low of $0.00000850 due to the collapse of FTX.
Following a series of developments within its ecosystem, such as the expansion of SHIB’s use as a payment method, the cryptocurrency asset has experienced a significant rally over the past week.
Intriguingly, Shiba Inu broke through its first and second significant resistance levels at $0.00000983 and $0.00001020 respectively yesterday, following a 7.81% rally.
Despite recovering $0.000011, the price of Shiba Inu has not yet reached $0.000012. At the time of publication, Shiba Inu can be purchased for $0.00001103. A Shibarium Network update is likely to pave the way for Shiba Inu to rise above $0.000012.
The impending layer-2 network has continued to be a significant catalyst for investor interest in Shiba Inu. It is anticipated that Shibarium will implement lower transaction fees and the ability to burn SHIB tokens with each network transaction.
Shytoshi Kusama, the lead developer of Shiba Inu, announced last month that Shibarium’s development teams are finalizing the launch of the network.
SHIB Rises by more than 27% in a Week
Shiba Inu has increased by 27.3% during the last week, which has allowed the Shib to drop a zero. Shiba Inu is currently trading at $0.00001076, up 13.4% in the previous day.
Recall that Shiba Inu increased its price by a zero after FTX failed. The failure of the former top cryptocurrency exchange caused SHIB, which was trading around $0.00001080 on November 8, to drop to a low of $0.00000850 the following day.
The cryptocurrency asset has struggled to regain its former glory, when it traded over $0.00001, after SHIB increased its price by a zero. It’s interesting that Shiba Inu, after a significant 27.3% rally over the previous week, eventually accomplished the accomplishment in the wee hours of yesterday.
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