Bitcoin price is gaining pace and trading above the $44,000 resistance. BTC could continue to rise once it clears the $44,500 and $45,000 resistance levels.

Bitcoin started a decent increase above the $43,500 resistance zone.
The price is trading above $43,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong rally if there is a close above $44,300 and $44,500.

Bitcoin Price Aims Higher

Bitcoin price settled above the $43,500 resistance zone to move further into a bullish zone. BTC broke many hurdles and even spiked above the $44,000 level.

It tested the $44,300 resistance zone. A high was formed near $44,300 and the price is now consolidating gains. The price corrected a few points below the $44,100 level. However, it is stable above the 23.6% Fib retracement level of the upward move from the $41,820 swing low to the $44,300 high.

Bitcoin is now trading above $43,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $43,800 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $44,200 level. The first major resistance is forming near $44,300 and $44,500. A close above the $44,500 resistance could start a strong rally and the price could even clear the $45,000 resistance.

Source: BTCUSD on TradingView.com

The next key resistance could be near $46,500, above which BTC could rise toward the $47,200 level. Any more gains might send the price toward $48,000.

Fresh Decline In BTC?

If Bitcoin fails to rise above the $44,300 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $43,800 level and the trend line.

The next major support is near $42,750 or the 61.8% Fib retracement level of the upward move from the $41,820 swing low to the $44,300 high. If there is a move below $42,750, there is a risk of more losses. In the stated case, the price could drop toward the $42,200 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $43,800, followed by $42,750.

Major Resistance Levels – $44,300, $44,500, and $45,000.

Fantom (FTM) has recently displayed remarkable performance, surpassing several leading digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) among others. 

Over the past 24 hours, FTM has experienced a notable surge of 9%, propelling its price to the $0.4950 level. This upward momentum has sparked optimism within the market, with the potential to drive FTM towards its yearly high of $0.65.

Fantom Poised For Upward Surge?

Crypto analyst Ali Martinez has shared insights into the promising outlook for Fantom. Martinez emphasizes that FTM trading above the critical resistance level of $0.47 signifies a significant bullish turning point. 

Furthermore, the analyst notes that there are no major obstacles in sight until the $0.65 level. As long as FTM remains above this crucial level, Martinez predicts a strong rally for the token.

With FTM’s breakthrough above the $0.47 resistance level, the stage is set for further gains. The absence of significant barriers until the $0.65 mark provides an encouraging backdrop for FTM’s potential upward trajectory. 

Analyst Ali Martinez’s assessment reinforces the belief that as long as FTM maintains its position above $0.47, investors should prepare for a robust rally in the token’s price.

Social Media Buzz Surrounding FTM

In recent weeks, Layer 1 (L1) blockchain protocols have taken center stage in the cryptocurrency community. Tokens such as Injective (INJ), Kaspa (KAS), Avalanche (AVAX), and Solana (SOL) have outperformed major cryptocurrencies. 

However, amid this L1 surge, Alpha Scan highlights that Fantom has emerged with impressive sentiment strength, capturing the attention of market participants and further bolstering the protocol’s native token price surge.

According to a recent post on X (formerly Twitter) by the sentiment analytics firm, an analysis of social media conversations reveals that a staggering 61% of all monthly mentions of FTM have occurred within the last seven days. 

This sudden surge in mentions commenced on December 9th, indicating a heightened interest and positive sentiment surrounding the token.

Over the past 30 days, 28 key accounts have actively discussed FTM, further emphasizing its growing significance. 

Notably, 20 of these key accounts have specifically highlighted FTM within the last seven days, reflecting a heightened level of attention and engagement within a relatively short period. This ratio of key account engagement during the past week indicates a distinct rise in interest and potential market influence.

Annualized Increase Reinforces Positive Outlook

According to Token Terminal data, in addition to the social media buzz surrounding the protocol and its native token, Fantom’s market capitalization has reached approximately $1.38 billion, with a remarkable increase of 18.47%. This surge reflects the growing demand for FTM and its expanding market presence. 

In terms of revenue, the token has witnessed substantial growth, with a 30-day revenue increase of 734.11% to $171.73k. Moreover, the annualized revenue has surged to $2.09 million, representing a significant rise of 813.75%. 

Moreover, Fantom’s fully diluted market capitalization stands at around $1.57 billion, indicating a substantial increase of 43.39%. This growth further reinforces the market’s confidence in the protocol’s prospects. 

When considering performance ratios, the P/F ratio (fully diluted) is calculated at 203.80x, while the P/S ratio (fully diluted) is reported at 679.33x. Although both ratios have dipped by 82.8%, they still suggest a strong valuation for Fantom relative to its performance.

Featured image from Shutterstock, chart from TradingView.com 

XRP price has recently demonstrated a sideways price action, deviating from the overall trend witnessed across the cryptocurrency market and altcoins. 

Despite a modest 2% growth in the past 30 days, with prices ranging between $0.6427 and $0.5994, a crypto analyst operating under the pseudonym James Crypto has made a bold prediction based on Elliott Wave Theory’s interpretation of XRP’s monthly chart. 

Grand 5th Wave And Potential Rally For XRP Price

James Crypto points to an intriguing possibility of XRP price entering a grand 5th wave, drawing attention to the extended durations of Wave 1 and Wave 3. 

The Elliott Wave Theory, developed by Ralph Nelson Elliott in the 1930s, is a technical analysis tool widely used to forecast future price movements in financial markets. 

The theory suggests that price movements unfold in recurring wave patterns, which can provide insights into potential future trends. 

According to the theory, a complete market cycle consists of five waves, with three impulse waves (1, 3, and 5) and two corrective waves (2 and 4). The fifth and final wave is often associated with a significant price surge before a potential reversal or consolidation.

James Crypto’s analysis focuses on XRP’s monthly chart, which provides a broader perspective on the asset’s price movements. 

The extended duration of Wave 1 (20 weeks) and Wave 3 (spanning over 40 weeks) caught the analyst’s attention. By extrapolating this trend, the theory suggests the possibility of a 60-week Wave 5, which could mark a substantial price rally for XRP.

Should XRP price follow the projected Elliott Wave pattern, James Crypto’s forecast points to a supercycle top expected to occur in March to April 2024. The target price range for XRP during this period is estimated to be between $5 and $13. 

Struggles Amidst Price Declines

Trading at $0.6147, XRP has experienced a decline of 0.5%, 1.4%, and 4.3% over the past 24 hours, seven days, and fourteen days, respectively. These downward trends highlight the token’s current lack of bullish momentum and catalyst.

CoinGlass’ liquidation heatmap indicates a critical juncture for XRP’s price, as significant leveraged positions exist on both sides of the market. The heatmap reveals notable liquidations at the $0.6284 and $0.6347 levels, with the largest amount observed at $0.5960 over the past three days.

Considering these developments, XRP may initially break through the long liquidation level before experiencing another upward movement to bolster much-needed bullish momentum. 

However, given the unpredictable nature of volatility and price actions, a short squeeze could potentially occur first, temporarily driving the XRP price above its nearest resistance levels.

The outcome remains uncertain as to which side will yield first and what additional catalysts may contribute to a price surge for XRP, aligning it with the overall market trend of gains as we approach the end of the year.

Featured image from Shutterstock, chart from TradingView.com 

In a recent post on X, Sassal, an independent Ethereum educator, is doubling down on Ethereum (ETH). The angel investor said that based on current market sentiment, there are signals that the “death of ETH” narrative is losing steam.

This is a reason, in Sassal’s view, to buy even more ETH ahead of the expected bull run.

Ethereum Bulls Confident, ETH Resistance At $2,400

With the bullish stance, the independent Ethereum educator appears to be convinced that Ethereum’s fundamentals are strong. More importantly, the analyst is confident that the network is well-positioned to capitalize on the growing demand for protocols, including those offering decentralized finance (defi) and non-fungible token minting services. 

Thus far, Ethereum, despite the relatively sluggish performance compared to meme coins like BONK or PEPE, remains the second most valuable network only behind Bitcoin.

From the candlestick arrangement in the daily chart, the coin is within a bullish formation. 

The coin rallied by nearly 60%, topping at December 2023 at around $2,400 before pulling back to spot rates. Even with the cool-off, buyers still have the upper hand. 

When writing on December 12, ETH prices found support at the dynamic reaction line, the 20-day moving average. It is also trading above the $2,100 support line, marking July 2023 highs. Accordingly, it means the bullish breakout formation of early December 2023 is valid.

This move could anchor optimistic buyers targeting $3,000 and even 2021 highs of around $5,000 in the days ahead.

Network Is Upgrading: Will This Drive Prices Even Higher In January 2024?

The likelihood of trend continuation in 2024 also stems from plans by the platform’s developers to enhance performance and scalability. With Ethereum 2.0 on, developers have been working on layer-2 scaling options like Arbitrum and Optimism to relieve the mainnet.

However, going forward, on-chain scaling solutions like Sharding, where the network will be fragmented into units called “shards” that are interconnected, will be rolled out. 

Echoing Sassal’s sentiment, another commentator on the X post noted that December and January have historically been “monster months” for Ethereum in previous bull markets.

This suggests that even if Ethereum prices have not rallied by triple digits like some meme coins or even outperformed Solana (SOL), the coin could be poised for a significant price rally in the coming months.

Still, how ETH prices will evolve in the upcoming sessions remains to be seen. As it is, $2,500 remains to be a key reaction point that if broken could trigger more demand.

Cosmos ($ATOM) is the coin that powers the entire Cosmos ecosystem. It consists of a variety of projects from different spheres such as finance, decentralized exchanges (DEX), and cloud computing. The earliest price data I can find for $ATOM is from Kraken, starting in April 2019. Using this price data, the remainder of the article represents my best efforts to apply Elliott Wave Theory (EWT) to isolate its placement in market structures. I will assume that you have some knowledge of EWT to understand the terms, but I have also included a small glossary at the bottom for reference.

EWT Summary

A link to the raw image since it might be hard to see all the details: https://www.tradingview.com/x/jIKwljmV.

Cycle Wave 0 – Mar 2020 – $1.1151
Primary Wave 1 – $2.4794
Primary Wave 2 – $1.8482 (38.2% LFR)
Primary Wave 3 – $32.2433 (3.618 LFE)
Primary Wave 4 – $7.872 (50% LFR)
Primary Wave 5 – $44.7383 (1.236 LFE)
Cycle Wave 1 – Sep 2021 – $44.7383

Primary Wave A – $20.2221 (Contracting, Leading Diagonal)
Primary Wave B – $33.2641 (Contracting Triangle)
Primary Wave C – $5.5409 (Impulse)

Cycle Wave 2 – Jun 2022 – $5.5409 (50% LFR)

Primary Wave 1 – ONGOING
Primary Wave 2 – TBA
Primary Wave 3 – TBA
Primary Wave 4 – TBA
Primary Wave 5 – TBA

Cycle Wave 3 – ONGOING

Exploring Further

EWT uses ratios to create price targets. The main target being the 1.618 LFE, however there are the minimum, lower, and much higher LFE’s to watch out for. For $ATOM we first need to find the beta multiple to scale the targets off of. This is accomplished by taking Wave 1 and dividing it by Wave 0. In this case for the Cycle Wave Degree it’s approximately 40.12. Then we raise this multiple to various numbers defined by EWT to create a table of targets. In order below are the LFE Price Targets:

0.618 – $54.26

1 – $222.3

1.236 – $531.3

1.618 – $2,176.84

Therefore, if we expect $ATOM to be a Diagonal then $54.26 – $222.3 is the preferred price box.

If we are looking for the typical price box then it’s: $531.3 – $2,176.84.

However, due to the nature of the next estimated bull run only the Intermediate Degree Wave 3 of the Cycle Wave 3 should play out. The next bull run is estimated by many traders and institutions to peak around late 2024 to early 2026. Benner Cycle Theory also puts a market peak around 2026. You can see the full layout for Benner’s Cycle Theory here. As such, the Intermediate Wave 1 and 2 are: $17.2656 and $6.17. The beta multiple for the Intermediate Degree is approximately 3.116. Then as we did for the Cycle Wave Degree the relevant typical price box is: $25.14 – $38.81. The higher price boxes are all above the ATH for $ATOM. The current price action for $ATOM is overwhelmingly bullish, so the higher price boxes are definitely a possibility.

A link to the raw image since it might be hard to see all the details: https://www.tradingview.com/x/FQhUSWST.

Conclusion

Given the next bull run peak for crypto is likely late 2024 to early 2026 the relevant LFEs to use for $ATOM are at the Intermediate Wave Degree . The typical price targets for the Intermediate Degree Wave 3 are $25.14 – $38.81. The price as I write is $11.3 so the next peak is a rough 2 to 3.5x from here. If the Wave 3 is heavily extended and possibly goes to the 2.618 or 3.618 LFE then a new ATH is possible. That would mean a minimum of a 4x from here to the next peak. The Primary Wave 1 of Cycle Wave 3 is likely due in late 2026 to 2030 using Fibonacci Time Ratios.

Glossary

Elliott Wave Theory (EWT)

“A theory in technical analysis that attributes wave-like price patterns, identified at various scales, to trader psychology and investor sentiment.”

Source: “Elliott Wave Theory: What It Is and How to Use It” by James Chen (2023)

Logarithmic Fibonacci Retracement (LFR)

A measured correction at certain Fibonacci ratios on a semi-log scale.

Logarithmic Fibonacci Extensions (LFE)

A measured rally at certain Fibonacci ratios on a semi-log scale.

Supplemental Reading

“Elliott Wave Principle – Key To Market Behavior” by Frost & Prechter (2022)

“Visual Guide to Elliott Wave Trading” by Gorman & Kennedy (2013)

“How to Calculate Logarithmic Retracements and Extensions” by C. D. Chester (2023)

Solana (SOL) is flying high at the moment, and from all indications, the crypto token has no intention of slowing down anytime soon as it eyes $100. This is no doubt feasible, considering the several bullish narratives that continue to build up in the Solana ecosystem. Interestingly, SOL recently surpassed XRP to become the fifth-largest cryptocurrency by market cap. 

Solana DeFi 2.0 Is No Joke

On December 16, the official X (formerly Twitter) account for Solana made a post where it stated that “Solana DeFi 2.0 is just getting started.” Indeed, SOL may be up to something as its DeFi ecosystem continues to garner steam. Data from DeFiLlama shows that Solana has been going head to head to Ethereum in terms of DEX volumes on the respective chains. 

Solana recently surpassed Ethereum in 7-day DEX volume for the first time in history. SOL has seen about $9.03 Billion in trading volume across all the DEXs on the chain in the last seven days. At the same time, Ethereum saw $8.836 Billion. This is more impressive when you consider the fact that Ethereum houses the most prominent decentralized exchanges.  

With such liquidity flowing into the ecosystem, it is only a matter of time before SolaSOLna hits $100. Data from DeFi Llama also shows that many are doubling their stakes in the Solana ecosystem. At the time of writing, the Total Value Locked (TVL) on Solana stands at $1.20 billion, its highest level since last year.

Much credit needs to be given to the protocols that continue to build on Solana. One of them happens to be the liquid staking protocol Jito, which has over $570 million locked on its protocol. The DeFi platform recently distributed $225 Million in airdrop to SOL users causing new money to flow into the ecosystem.

Is SOL Coming For Ethereum?

For a long time, Solana has been dubbed the “Ethereum Killer,” but that has never really materialized. The network has for a long time, suffered numerous outages, which made many assume that it could not match Ethereum. However, this time around, there is a growing belief that SOL is well-prepared to live up to the hype. 

It is worth mentioning that the Solana network has been 100% uptime since the last time it recorded a network outage in February this year. This is also more commendable considering the surge in network activity that Solana has experienced in recent times.

If Solana is somehow able to put these outages in the past, there is no doubt that people could look to it as a better alternative to Ethereum. An increase in its utility will also undoubtedly increase SOL’s value.

ARK Invest’s CEO Cathie Wood recently praised how Solana is “doing a really good job.” She further alluded to the fact that SolaSOLna is even faster and more cost-effective than Ethereum. 

At the time of writing, SOL is trading at around $86, up over 10% in the last 24 hours, according to data from CoinMarketCap. 

In the rapidly evolving landscape of blockchain technology, Neon EVM, a smart contract on Solana (SOL) has emerged as a frontrunner by introducing a landmark parallel processing architecture on its mainnet. 

This approach has enabled Neon EVM to achieve an increase in performance, scalability, and efficiency, according to a press release share with NewsBTC.

Neon EVM Dominates Transaction Processing 

Neon EVM, the first parallel Ethereum Virtual Machine (EVM) on mainnet, has achieved a record-breaking 730 Transactions Per Second (TPS) on its mainnet. Notably, this is the first time such high tps has been achieved on an EVM mainnet. 

The milestone was reached on December 16, 2023, when Neon EVM’s mainnet showcased its transaction processing capabilities. While many blockchains demonstrate high tps on testnets, Neon EVM’s has standout by improving its scalability. 

Neon EVM, which went live on the mainnet in July 2023, operates as a fully Ethereum-compatible environment on the Solana blockchain. Since its launch, Neon EVM has garnered investor interest, resulting in multiple listings on platforms such as ByBit, Crypto.com, and Gate.io. 

Given these developments, the utility token NEON has experienced remarkable growth, with its value surging from $0.67 to $1.45 in just three days, representing a 116% increase.

Neon EVM’s success comes when there is growing interest in high-speed, parallelized processing blockchains. Currently, Neon EVM stands as the only parallel processing EVM live on the mainnet, showcasing its tps capabilities compared to other blockchain networks.

Outshining Ethereum’s Transaction Speed

The fundamental difference between Neon EVM and blockchains like Bitcoin and Ethereum lies in their transaction processing approach. While Bitcoin and Ethereum process transactions sequentially, Neon EVM allows for simultaneous processing of multiple transactions, facilitating increased throughput and reducing the likelihood of congestion during periods of high demand.

In a notable comparison, Neon EVM’s parallel processing architecture outperformed the combined tps of the entire Ethereum ecosystem on December 16, as reported by L2Beat. 

The project’s commitment to Ethereum compatibility on the Solana blockchain and its high-speed transactions and low-cost benefits positions Neon EVM as an interesting project as a new Bull Cycle emerges.

Layer 2 Scaling Solutions On The Rise

Polygon, the layer 2 scaling solution that operates alongside the Ethereum blockchain, has also demonstrated its transaction processing speed capabilities. 

In a recent post on X (formerly Twitter), Sandeep Nailwal, the founder of Polygon, shared notable statistics highlighting the network’s performance. According to Nailwal’s post, Polygon’s Proof of Stake (PoS) chain seamlessly handled over 16 million transactions in a single day, showcasing its scalability and efficiency. 

During the peak period, the Polygon PoS chain achieved a throughput of 255 tps. This figure is approximately 2-3 times higher than the combined throughput of the entire Ethereum ecosystem. 

Moreover, the validators on the Polygon network generated approximately 1 million in transaction fees in a single day, reflecting the network’s high level of activity. However, it is worth noting that gas fees experienced a spike during this period, which is a broader issue impacting the entire Ethereum ecosystem.

In terms of rewards for validators, the block rewards on the Polygon network amounted to over 155,000 MATIC tokens. This translates to substantial revenue for validators, totaling around 1.2 million in a single day. These rewards incentivize validators and contribute to the overall security and stability of the PoS chain.

The spike in transactions in both of these Layer-2 networks showcase the growing importance of scalability solutions. In the coming months, hundred of new users could onboard the crypto market via either of these solutions hinting at a potential benefit for their underlying tokens.

Featured image from Shutterstock, chart from TradingView.com

Matrixport, a crypto financial services firm founded by Jihan Wu, former CEO of Bitmain has recently shared a summary that delves into its forecast for Bitcoin, predicting a significant surge in its price.

Founded in 2019, Matrixport has been closely monitoring Bitcoin’s market dynamics and trends. Their recent analysis suggests a robust future for Bitcoin, particularly noting its potential to break the $50,000 barrier by 2024.

Spot ETF Approval Could Catapult Bitcoin Above $50,000

Matrixport bases its optimistic forecast on the anticipated approval of Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC) in January. This crucial regulatory nod is seen as a pivotal factor that could propel Bitcoin’s price to soar above $50,000.

The summary draws a parallel to a previous significant moment in Bitcoin’s history – the launch of Bitcoin futures by the CME Group and CBOE in December 2017. That event marked a notable spike in Bitcoin’s price, pushing it to reach $20,000 for the first time.

Matrixport expected the SEC to approve Bitcoin Spot ETFs in January and this should lift Bitcoin prices above $50,000 by the end of January 2024. TV commercials are being rolled out already from multiple ETF applicants, which will continue to support Bitcoin prices.…

— Wu Blockchain (@WuBlockchain) December 21, 2023

Matrixport equates the potential impact of spot ETFs to this historical milestone, anticipating a similar, if not greater, market reaction.

Industry Experts Echo Matrixport’s Optimism

Matrixport is not alone in its bullish stance on Bitcoin’s prospects. Other industry experts and analysts have echoed similar predictions, especially in light of the probable approval of a spot Bitcoin ETF.

Michael van de Poppe, a prominent crypto analyst, recently suggested that Bitcoin is poised to reach the $47,000-$50,000 range soon. Van de Poppe, just like Matrixport, attributes this potential surge to the anticipated approval of spot BTC ETFs by leading financial entities like BlackRock, Fidelity, and Ark Investment.

Investment management firm VanEck also shares this sentiment, forecasting a substantial influx of funds into spot Bitcoin ETFs. They predict over $2.4 billion pouring into these spot ETFs in the first quarter of 2024 alone.

VanEck’s report highlights a growing investor trend towards ‘hard money’ assets, which are less influenced by US authorities. Bitcoin, with its resilience and limited correlation to traditional financial markets, according to VanEck, stands out as a particularly attractive option for investors.

VanEck analysts also hold a firm belief in Bitcoin’s market stability, projecting that its price will likely not fall below $30,000 in early 2024. This prediction is reinforced by another analyst, Ali, who has identified a robust support zone for Bitcoin between $37,150 and $38,360.

This range is backed by substantial buying activities from around 1.52 million addresses, accumulating approximately 534,000 BTC. Ali’s analysis suggests that this significant accumulation acts as a strong foundation, potentially preventing further downturns in Bitcoin’s value.

Featured image from Unsplash, Chart from TradingView

A monumental venture is underway in the crypto industry: the construction of the Crypto Museum. This unique initiative aims to create a vibrant, interactive space dedicated to the rich history and dynamic future of cryptocurrencies and blockchain technology.

As a hub for education, preservation, and innovation, the Crypto Museum promises to be a cornerstone in the new narrative of digital finance.

Scope and Goals of Crypto.Museum

The Crypto Museum is not just a celebration of the past; it’s a roadmap for the future.

Here are its key goals:

Preserve Crypto History

Documenting the evolution of cryptocurrencies and blockchain, ensuring significant events and breakthroughs are immortalized.

Highlight Key Industry Milestones

Showcasing crucial developments and changes in the crypto landscape through engaging exhibits and timelines.

Incentivize Future Growth and Adoption

Promoting the benefits and possibilities of cryptocurrencies, fostering partnerships that encourage advancement and wider adoption.

Offer Value to the Crypto Community

Becoming a hub for crypto enthusiasts by providing exclusive content, early access, and special events.

Create Incentive Mechanisms

Developing a rewarding ecosystem with tokens and NFTs, offering benefits like staking rewards and governance participation.

Founding Members

The Crypto Museum is brought to life by a consortium of pioneering entities in the crypto world:

BlockInsider.com: A leading source of blockchain news and insights.
Crypto.ro: A platform dedicated to crypto education and community engagement.
Coineagle.com: An innovative hub for crypto market analysis.
Coin.news: A forefront player in delivering the latest in crypto news and developments.

These founding members represent the collaborative spirit and expertise driving the museum’s vision.

More members are invited to apply and more will be announced soon.

Do Not Miss the Upcoming Opportunities

By visiting crypto.museum and subscribing for updates, you can become an integral part of this journey.

We invite the community, builders, and investors to join us in shaping this exciting venture.

Early supporters and investors will find themselves at the heart of numerous opportunities, from exclusive insights to potential collaborations.

Be part of this groundbreaking endeavor and help craft the future of cryptocurrency heritage!

Shibarium, the Shiba Inu Layer 2 network, has been marking milestone after milestone over the last few weeks. The initial growth spurt which some believed was temporary has proven to have more steam than expected, and now the network has reached a momentous milestone.

Shibarium Crosses 150 Million Transactions

After its initial launch, the Ethereum-based layer 2 network from the Shiba Inu team had seen a notable decline in usage. This would persist for a few months until the market began to pick back up in December again. Once this happened and the SHIB price was on a recovery trend, activity on the Shibarium network would go on to explode.

Presently, the network is celebrating one of its biggest achievements yet and that is the fact that more than 150 million transactions have now been processed on the blockchain. To put this growth rate in perspective, the total transactions processed on Shibarium on November 30 were approximately 4.8 million. However, two weeks later, on December 20, the cumulative total transactions that have been carried out on the network since launch has crossed 150 million.

This jump in the total transactions represents an over 3,000% growth in less than 30 days. Furthermore, the daily transactions carried out on the network have increased drastically as well. It went from a daily average of around 40,000 transactions per day, to an average of 7 million daily transactions in the last three weeks.

At the same time, active addresses on the network have been rising after going from an average of 500 daily to around 3,000 per day in December. But interestingly, transaction fees have remained low at this time, showing the ability of the network to handle periods of high loads.

Shiba Inu Price Could Jump To $0.00002

Off the back of the growth that the Shibarium network has seen, the Shiba Inu price could be looking toward another rally from here. This is because the increased activity on the network has put the Shiba Inu token on the radar of more investors as they flock around the team for updates.

Crypto analyst Ali Martinez previously identified that SHIB had been trading in a descending parallel channel. The hope for an upside from there lies in a push toward $0.000011 and SHIB has been making that push. Over the last day, the meme coin has risen by 1.6% and is slowly making this push. If the current recovery trend carries on, then the SHIB price could break above $0.000011 this week which is expected to trigger a bull rally.

The SHIB burns being carried out by the Shiba Inu team is another bullish event that could trigger a price rally. So far, around $170,000 worth of SHIB has been burned by the team with expectations of total burns reaching $1.2 million.