SHIB surges to new highs amid speculation around the launch of…

• SHIB has seen an over 40% increase in price since its decline in June.
• The lead developer hints at the potential launch of the Shibarium beta.

The launch of Shiba Inu’s Shibarium has been a topic of discussion for several months, but no actual launch has occurred. Nevertheless, a recent announcement by the main developer hinted at another upcoming launch.

As a result, the value of SHIB has experienced a more lucrative upward trend since the beginning of August.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Shiba Inu surges

A recent post by Kaiko highlighted Shiba Inu’s positive price trend over the past few weeks. The data indicated a 25% increase in its value since 1 July. Analyzing the SHIB daily chart revealed a noteworthy shift — despite a 12.9% drop on 10 June, the price rebounded by more than 40%.

August stood out as a particularly strong month, with an almost 15% surge in value noticed in one trading period. The surge marked the highest increase in nearly five months. SHIB demonstrated an additional 2% uptick in value as of this writing. The bullish momentum was evident, supported by the Relative Strength Index (RSI).

The price movement also attempted to surpass its long Moving Average (blue line), which acted as a resistance point. Conversely, the short Moving Average (yellow line) was the current support.

Source: TradingView

This recent bullish trend can be attributed to a post from the lead developer, Shytoshi Kusama, on 31 July. In this post, he indicated that the Shibarium launch was approaching, prompting the need to “mint the remaining supply of BONE and renounce the BONE contract.”

The state of the Shiba Inu L2 testnet

Examining the Shiba Inu Shibarium using Puppy Scan revealed a cessation in tracking transactions on the testnet. Before this halt, the L2 testnet registered an average of 250,000 daily transactions.

In light of these daily transaction volumes, the cumulative total reached over 35 million transactions per the latest available record. Additionally, the platform showcased more than 17 million wallets.

While the precise cause for the scanner’s discontinuation of transaction tracking on the testnet remains uncertain, one plausible explanation could be the upcoming launch of the beta version.

SHIB adds more transaction volume as active addresses decline

SHIB’s transaction volume experienced modest surges in August. Although these spikes may seem minor, they marked a threshold not attained in over a month. Specifically, on 5 and 7 August, the transaction volume surged past $160 million. Presently, the transaction volume hovered around $32 million.

Source: Santiment

– How much are 1,10,100 SHIBs worth today

On the contrary, the 30-day count of active addresses has not demonstrated the same robustness as other metrics. A decrease in active addresses has been evident since the beginning of the month. At the time of writing, the count of active addresses stood at 114,000.

Source: Santiment