Shiba Inu, the second largest meme coin has witnessed a massive spike in trade volume and wallet addresses ahead of the launch of its layer-2 scaling solution Shibarium.
The cryptocurrency which is often referred to as the Dodge Killer has yielded double-digit gains in the past 24 hours.
Investors King understands that Shiba Inu was one of the top gainers on the Binance platform in the wee hours of Saturday. It is up by 13.5% as of the time of writing this report, data from the Binance platform shows. It is currently trading at $0.000014 from a low of $0.00011 recorded at the end of January 2023.
The WhaleStats shows that Shiba Inu is now the most traded crypto among the top 1000 Ethereum on Saturday, leading to its trading volume exploding by 94%.
Similarly, the WhaleStats also reported that ETH investors hold a whopping $631.2 million worth of SHIB tokens. The sensational meme token has also displaced Polkadot (DOT) to claim the 12th-largest cryptocurrency by market cap.
Amid this momentum, a well-known crypto analyst, Ali Martinez tweeted that SHIB could run up to $0.000017 before hitting stiff resistance.
“#ShibaInu will find stiff resistance at $0.000017, where nearly 93,000 addresses had previously purchased around 465 trillion $SHIB”, he tweeted.
Martinez added that Shiba Inu is positioned for more swing upward once it successfully climbs above the resistance level.
With the potential release of Shibarium, a kind of layer-2 network, the Shiba network will likely be equipped with more fundamentals which could drive more growth.
In a post shared on the Twitter platform, Shiba Inu’s lead developer Shytoshi Kusama stated that Shibarium is like a sturdy pine tree that with the right care — “water, sunlight, and proper soil” — will survive even the harshest of winters.
What do we know about the Shibarium Layer-2 Network?
The Shibarium Layer-2 Network has the potential to help fasten transactions in the Shiba ecosystem. It could also reduce transaction costs and provide enhanced security.
