Shiba Inu (SHIB) has recaptured investor attention amid a surge in activity on its layer-2 solution, Shibarium. The meme coin has witnessed a modest price uptick while its network metrics paint a bullish picture.

Shibarium Network: Fueling Shiba Inu’s Resurgence

Despite facing minor price fluctuations, Shiba Inu has showcased remarkable on-chain growth. Shibarium, the network designed to scale Shiba Inu’s ecosystem, has seen a significant uptick in transactions and new contract deployments. This surge in activity suggests a growing interest in the Shiba Inu ecosystem.

In the past 24 hours, Shibarium has processed nearly 6,000 new transactions, representing a 15% increase. Moreover, the number of new contracts on the network has skyrocketed by 350%, jumping from a mere 8 to 36. These figures underscore the network’s burgeoning adoption and the growing confidence of developers in the ecosystem.

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Shiba Inu Trading Volume and Investor Sentiment on the Rise

Concurrently, Shiba Inu’s aggregated daily trading volume has climbed by 62% to surpass $30 million. This substantial increase indicates heightened investor interest and a potential influx of new buyers into the market.

Whale activity has also picked up, suggesting that large investors are accumulating SHIB. This trend often precedes price rallies as it can attract smaller investors to follow suit. Additionally, the recent shift towards self-custody, evident in Shiba Inu’s exchange netflow, is generally considered a bullish signal.

Technical Analysis: Shiba Inu in Neutral Territory

Technically, Shiba Inu’s Relative Strength Index (RSI) currently hovers around 46, indicating a neutral market. While this suggests potential for both upward and downward price movements, the absence of oversold conditions mitigates the risk of an imminent correction.

Challenges and Opportunities for Shiba Inu

Although the overall picture for SHIB appears promising, challenges persist. Some analysts warn of a potential price drop to $0.000015 if the coin fails to break through the $0.000017 resistance level. However, the ongoing trend of reduced centralized exchange flows and the neutral RSI offer a degree of stability.

The Shiba Inu Story Continues

Shiba Inu’s resurgence, fueled by the growth of Shibarium, has captured the attention of the crypto community. While challenges remain, the overall trajectory of the meme coin appears bullish. Investors should closely monitor price action and on-chain metrics to capitalize on potential opportunities.