Is it bull run time for Shiba Inu? In recent hours, the token has seen an unexpected resurgence in popularity.
While Shiba Inu (SHIB)’s price action has been consolidating, there have been various developments in the ecosystem. But is it enough to kick-start a SHIB uptrend?
Is Shiba Inu Starting to Gain Traction?
Shiba Inu managed to regain its footing in just a few hours. Following a significant event that greatly benefited its related coin, BONE, Shiba Inu appears to be entering its own moment of triumph.
This is one of the altcoins whose price rose the most overnight. With an increase of 2.37% in a few hours, SHIB seems on track to begin a gentle upward slope.
It has been a big for week for Shiba Inu-related news. Firstly, HSBC Bank integrated it into its payment system alongside XRP.
Then Wirex and Onramper announced they have joined forces to offer a crypto payment system to more than 190 countries. SHIB is one of the few tokens selected for adoption.
On-chain Shiba Inu activity has also been surging. BeInCrypto reported that Shiba Inu’s network activity increased by 36% in the past two weeks.
However, readers should be cautious due to this rise in on-chain activity. While Shiba Inu’s on-chain activity is growing, this could lead to significant volatility and a potential trend reversal in the coming days.
Read more: 8 Best On-Chain Analysis Tools in 2023
Shibarium Tests New Technologies
Shibarium may prove not to be the big disappointment that community members thought it was after all. Despite widespread criticism for announcing a less efficient burn system, the Layer 2 blockchain is planning to introduce new technologies.
Shibarium wants to welcome its own domain name service, ShibariumID, by late October. A digital authentication system will accompany this. Whether this is enough to generate an explosion in the Shiba Inu token price is yet to be seen.
Read more: 9 Best Shiba Inu (SHIB) Wallets in 2023
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