Shiba Inu's Growing Pains

I feel that Shibarium, the layer-2 blockchain solution of Shiba Inu, is finally getting real traction. With more than 6 million blocks minted, obviously the network is under heavy resurgence in activity. I am not surprised, looking at what scalability and cost savings Shibarium brings to the table. But that would have been essential in developing the Shiba Inu ecosystem, one which would play a very important role in the future success of the coin.

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From my point of view, the recent surge in active accounts and daily transactions looks very optimistic. Basically, it indicates that users have finally started to pay heed to how much potential Shibarium actually holds, the tip of the iceberg, according to my judgment. With wallet addresses almost hitting 2 million, obviously, things still have a lot of room for improvement. I'll be keeping an eye on what further developments and improvements Shibarium can come up with in the next months.

As far as the price of SHIB goes, I really do think it's anyone's call. Some analysts predict a rally, while others warn of a decline. One thing that has to be pointed out here is that the coin's revival comes amid a broad uptick in the cryptocurrency sector. Bitcoin surging at the highest in six weeks will likely send shockwaves throughout this space, and I think SHIBA will ride on this momentum.

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I am personally skeptical of some of the more optimistic predictions. A possible increase of 164% to $0.0000456 could feel a bit of a stretch, especially considering that with present market conditions in play, things might get pretty hairy. That being said, I do feel SHIB is able to potentially make some serious gains in the not-too-distant future. The RSI is still hovering below 70, which would suggest,-connectedly, that the coin itself isn't overbought. I think this may prove to be a good omen for investors looking to reap some of the action.

I am also looking out for the possible risks that SHIB may face. In case the coin loses this major resistance at $0.000017, I believe it will plunge to $0.000015. Of course, this can be a reality; the more reason investors should be aware of the potential risk involved. That said, however, I do feel SHIB is one of the coins to watch. With its ever-increasing user count and infrastructural improvement, I think it has great potentials for growth.

Posted Using InLeo Alpha