Shiba Inu (SHIB) Price Surges 18% as Shibarium Layer-2 Blockchain Reaches 1 Billion Transactions

Shiba Inu has rebounded nearly 20% in the past 24 hours following a period of price decline. The popular meme cryptocurrency showed mixed signals across different timeframes

Shiba Inu (SHIB) has rebounded nearly 20% in the past 24 hours after a period of price decline. The popular meme cryptocurrency showed mixed signals across different time-frames but appears to be regaining momentum as its Layer-2 solution, Shibarium, reached a major milestone.

Shiba Inu recently pulled back from its local resistance at $0.0000152 following a rally last week. This 18% price drop coincided with broader market movements, as Bitcoin’s bearish trend over the past seven days brought market-wide pressure. BTC fell from $87,600 to $82,400, a 5.8% drop, which triggered sell-offs across altcoins including SHIB.

However, analysis of Shiba Inu’s daily chart reveals an underlying bullish structure. The move above $0.0000138 shifted the market structure in a positive direction. For the structure to turn bearish again, prices would need to fall below the $0.0000115 level, which sits approximately 9.6% below current market prices.

On-Balance Volume (OBV) has been trending upward for three weeks, indicating increased buying pressure for the meme coin. Meanwhile, the Relative Strength Index (RSI) is recovering and appears poised to move above the neutral 50 mark, which would reflect renewed bullish momentum.

Looking at shorter time-frames presents a different picture. The 4-hour chart highlights steep losses since last Wednesday, with prices failing to defend short-term support levels at $0.000013 and $0.0000125 during the decline.

The recent 20% price bounce has brought Shiba Inu back above the $0.0000125 level. This creates a situation where the 4-hour chart shows a bearish structure while the daily chart maintains a bullish outlook. Since higher time-frames generally carry more weight for analysis, swing traders and investors may have reason to consider opening long positions in the cryptocurrency.

Shibarium Reaches Historic Milestone

While price action has been mixed, Shiba Inu’s Layer-2 blockchain solution, Shibarium, has achieved a remarkable feat. The network recently processed its 1 billionth transaction since launching in August 2023.

This milestone was reached in less than two years of operation, with the network currently processing approximately 4 million transactions daily.

Market observers point out that what makes this achievement noteworthy is the speed at which Shibarium reached the billion-transaction milestone. For comparison, Bitcoin took 15 years to process 1 billion transactions, while Shibarium accomplished this in under two years.

The Layer-2 blockchain now has over 193.93 million addresses that have interacted with the network since its 2023 launch. According to Shibariumscan data, the network has mined 10.23 million blocks with an average block time of 5.0 seconds.

Shibarium initially faced technical difficulties and went offline for two weeks shortly after launching. However, it returned to operating status in late August 2023 and has been running continuously since then.

The current market capitalization of SHIB is approximately $7.5 billion, making it one of the leading meme cryptocurrencies by value.