Shiba Inu (SHIB) price came close to losing the $0.000007 price support level last week, but a recent uptick in network demand offers hopes of an imminent rebound. On-chain analysis explores how high Shiba Inu prices could rally if bullish traders execute their 5 trillion SHIB purchase orders.
Shiba Inu price dropped to $0.00000706 on Sept. 11, its lowest in H2 2023 so far. Since then, Shiba Inu network activity has increased significantly, partly fueled by stable throughput on the relaunched Shibarium Layer 2 (L2) scaling network. Will this be enough to fuel a sustained Shiba Inu price rebound mission?
Shiba Inu Network Activity Has Increased by 36% in Two Weeks
Confidence seems to be returning to the Shiba Inu community as the Shibarium scaling platform begins to gain ground. On Sept. 23, the Shibarium hit the milestone of three million confirmed transactions. But interestingly, on-chain data shows that the primary Shiba Inu network traction was not left far behind.
As depicted in the Cryptoquant chart below, Shiba Inu network recorded a two-week peak of 6,439 transactions on Sept. 23.
This represents a 36% increase from the 4,749 transactions confirmed on Sept. 11, when SHIB price had dropped to its lowest point since June 14.
The Transaction Count estimates the current level of economic activity on a blockchain network by tracking the daily number of confirmed transactions. A persistent rise in network activity typically means that the underlying native token is attracting demand.
The Shibarium L2 network has been touted to bring a new dimension of growth by increasing transaction speeds and deepening the adoption of the SHIB token.
Unsurprisingly, the Shibarium’s relatively smooth ride to the three million milestone has coincided with a noticeable increase in the SHIB Transaction count.
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Orders Mounting to Buy SHIB
The recent growth in transaction count has helped SHIB price recover from its lowest since June 14. Further confirming the growing confidence within the SHIB community, there has been a noticeable influx of SHIB purchase orders across crypto exchanges. As shown below, the bulls have placed active orders to buy 5.07 trillion SHIB. This is 170 billion SHIB higher than the 4.9 trillion tokens currently up for sale.
The Exchange On-chain Market Depth chart shows the volume of active Shiba Inu orders placed across recognized crypto exchanges.
As seen above, the market demand for SHIB has outpaced supply by more than 170 billion SHIB tokens. This suggests that the successful relaunch of the Shibarium and the uptick in network traction may have buoyed investor confidence across the Shiba Inu ecosystem.
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SHIB Price Prediction: Potential Rebound Above $0.000010
Drawing inferences from the abovementioned on-chain indicators, Shiba Inu’s price will likely rebound toward the $0.000010 mark.
The Global In/Out of Money Around Price (GIOM) data, which shows the purchase price distribution of current Shiba Inu holders, also lends credence to this prediction.
However, 421,190 holders had bought 293.2 trillion SHIB at the minimum price of $0.000008. If they close their positions early, they could trigger a bearish reversal.
But if the network traction intensifies, it could see Shiba Inu’s price rebound above the $0.000010 as predicted.
In contrast, the bears could seize control if the SHIB price loses the $0.000007 support. But in that case, the 31,230 holders had bought 17.4 trillion SHIB at the minimum price of $0.00007, which could trigger an instant rebound
However, if that support level folds, the SHIB price could drop by $0.000006.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.