Shiba Inu continues its upward momentum today, building on a bullish recovery that began on August 23. Despite earlier challenges following the launch of its Layer-2 scaling solution, Shibarium, the meme token is now showing signs of a strong comeback. SHIB is currently attempting to retest its monthly peak of $0.00001119, recorded just before the Shibarium launch.
Recent data indicates that SHIB has successfully surpassed the $0.000008 mark and is now approaching $0.0000085, reigniting optimism among investors.
Shiba Inu's Recovery: What’s Driving the Momentum?
The resurgence of Shiba Inu comes amid a broader recovery in the cryptocurrency market, particularly in the meme coin sector. The SHIB ecosystem has been buzzing with activity since the launch of Shibarium, despite initial setbacks caused by network glitches and overwhelming user demand.
Shibarium's Rocky Start and Unexpected Adoption
The launch of Shibarium faced technical difficulties, including over 1,000 ETH being stuck on the Shibarium bridge due to unprecedented user activity. However, the layer-2 solution quickly demonstrated its potential, attracting over 10 million wallets and more than 331,258 BONE tokens staked within days of its launch.
Lucie, a prominent figure in the SHIB ecosystem, highlighted the community's enthusiasm for Shibarium in a recent tweet:
"The #SHIBARMY showed incredible demand for #Shibarium, surpassing all expectations. Despite initial hurdles, the team delivered on their promises, and the network is now optimized for public use."
Shibarium also saw 1,000 ETH and 600,000 BONE tokens deposited within just 15 minutes of launch—far exceeding developer expectations.
Current Price Action and Technical Outlook
As of August 24, Shiba Inu is trading at $0.000008312, reflecting a 2% increase over the past 24 hours. While SHIB remains 11% down from its weekly high, it has recovered 6% of its monthly gains.
Key technical observations:
- Resistance Levels: $0.000010 (critical breakout point)
- Support Zones: $0.000008 (current base), $0.0000079 (recent low)
- Moving Averages: Trading below 50-day and 200-day SMA (indicating bearish pressure)
- RSI at 44.79: Neutral zone, suggesting equilibrium between buyers and sellers
If bullish momentum continues, SHIB could retest $0.00000967** before aiming for **$0.00001161.
Expert Predictions: Can SHIB Surge 44%?
Michael van de Poppe, a well-known crypto analyst, predicts a 44% rally for Shiba Inu if it holds three key support levels:
- $0.00000941
- $0.00000870
- $0.00000808
A breakout above these levels could propel SHIB toward $0.000013.
FAQ: Shiba Inu and Shibarium
Q: What caused SHIB’s recent price drop?
A: Initial technical issues with Shibarium and broader market sentiment contributed to the decline.
Q: Is Shibarium fully operational now?
A: Yes, developers have optimized the network after initial testing and parameter adjustments.
Q: What’s next for SHIB’s price?
A: A break above $0.000010** could signal further upside, while failure to hold **$0.000008 may lead to consolidation.
Trending Alternative: SONIK Presale Gains Traction
👉 Sonik Coin has raised nearly $400,000 in its presale, driven by its unique stake-to-earn model and ties to the Sonic the Hedgehog universe. With over 11 billion SONIK tokens staked, this project is attracting significant attention.
Why SONIK?
- Staking rewards for holders
- Hard cap: $2.09 million (nearing completion)
- Current price: $0.000014 per token
For those looking to diversify, SONIK presents an intriguing opportunity.
Disclaimer: Cryptocurrency investments are volatile. Conduct your own research before investing.
### Keywords:
- Shiba Inu
- SHIB price prediction
- Shibarium launch
- Meme coin rally
- SONIK presale
- Crypto staking