Shibarium hits key milestone – good for SHIB price?

• Shiba Inu (SHIB) price rose as Bitcoin and altcoins reacted to Grayscale’s win against SEC. 
• Meanwhile, Shibarium’s wallet count has hit 336k to suggest sentiment flip after recent hiccups for the SHIB-backed Ethereum layer-2 platform.

Bitcoin’s jump to highs of $28k after Grayscale Investments’ win against the US Securities and Exchange Commission (SEC) on Tuesday ignited a brief rally for cryptocurrencies.

As the crypto industry celebrated yet another blow for the SEC, this time around its continued denial of a spot Bitcoin ETF, tokens such as Shiba Inu mirrored major altcoins in trending higher.

Shibarium wallet count spikes to 336k

Shiba Inu’s SHIB, which had recently dropped to lows of $0.00000064, jumped to above $0.00000083. The trading volume for the meme coin – Shiba Inu is looking to shed this tag after a major development in its ecosystem – rose 50% in 24 hours to over $182 million.

The flip in sentiment for SHIB also came as the Ethereum layer-2 platform Shibarium, which is backed by the native SHIB token, experienced a spike in new wallet addresses.

On-chain data shows the platform’s resumption after a shambolic launch is likely driving interest among retail investors. The total wallet count for Shibarium has swung in less than 48 hours – from just over 100,000 to more than 336,000. 

Also notable is the transaction count, which has also increased significantly after daily transactions plummeted from 132,000 on August 25 to nearly 40,000 on August 27.

According to Shibariumscan.io, daily transactions have inched up to nearly 80,000, with the total transaction count currently at over 529k as of 9 am ET on August 30.

SHIB price prediction

Can bulls ride the growth in daily transactions and addresses to push this altcoin‘s price higher? 

While other market conditions could dictate price direction, analysts see the positive market reaction to Grayscale’s win against SEC as a watershed moment likely to see further upside triggers. SHIB holders (like this one) are excited about Shibarium’s key milestone – and that could tell in short term price movement. 

#Shibarium now surpass half a million transactions and over 300k wallets 🤯🔥🔥 unstoppable! 🚀🚀#SHIBARMYSTRONG pic.twitter.com/pGPvaI0Ue9

— Shib Spain 𝕏 (@ShibSpain) August 30, 2023

SHIB bulls however need to hold support at $0.0000075 to avoid ceding ground to hungry bears. If this happens, primary resistance would be near $0.0000009, a key hurdle formed after the sharp sell-off seen on August 17.

The flip side would be for the SHIB price to fall below $0.00000070, in this case opening a downward path for bears to target lows of $0.00000061.