- Shiba Inu (SHIB) recorded a 4% increase, surpassing the $0.00001085 level and aiming to reach $0.00001118 soon.
- SHIB’s growth is driven by interest in Shibarium, with more than 33 billion tokens recently burned.
Shiba Inu (SHIB), the popular cryptocurrency project, is showing remarkable performance in the market. Recently, it has reached a 4% increase, setting its sights on new price levels. This advance comes against a backdrop where several cryptocurrencies have experienced significant increases, driven by a bullish market sentiment due to the possible introduction of a spot Bitcoin ETF in the US.
Analysis of Shiba Inu‘s behavior reveals three key price levels for traders to watch, as indicated by analyst SHIB KNIGHT on the 2-hour chart: $0.00001085, $0.00001097 and $0.00001118. In fact, SHIB has recorded 11 consecutive green candlesticks in this timeframe, suggesting possible entry at higher levels.
$SHIB targets based on 2H Chart:
1085, 1097, 1118 pic.twitter.com/T0M2EQxKth— $SHIB KNIGHT (@army_shiba) January 2, 2024
At the time of writing, Shiba Inu has already broken above the $0.00001056 range, leaving the other two major targets within reach. This positive momentum for Shiba Inu is not only due to the overall rise in the market, but also to its own achievements. The cryptocurrency has maintained a trade above the crucial $0.00001 mark for two consecutive weeks since December 18.
Shiba Inu’s price action is largely driven by growing interest in Shibarium, its Layer 2 network. According to reports, Shibarium has reached over one million wallets interacting, a milestone reached faster than other layer 2 networks such as Arbitrum and Optimism.
Increased usage of Shibarium means faster burning of SHIB tokens, which positively impacts the price of the token. The Shiba Inu team has already burned more than 33 billion SHIB tokens from Shibarium and promises more major initiatives by 2024.
Currently, SHIB is trading at $0.0000106, with a market capitalization back above $6.4 billion. This performance shows Shiba Inu’s strength in the market and suggests upside potential for the future, especially with continued development and adoption of Shibarium.
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