"Hmm maybe Shiba Inu can beat Dogecoin in the future?"
Shiba Inu (SHIB), the second largest memecoin after Dogecoin (DOGE) which has recently gained more attention has caused its price to climb yesterday to reach $0.0000087 from $0.0000066 on October 19, 2023.
SHIB's continued price increase has been fueled by its progress focused on the Shibarium blockchain layer-2.
Following the official layer-2 scaling solution that went live at the end of August 2023, the number of blocks managed to jump above 1.5 million while the wallet address peaked at 1.3 million.
According to Shibariumscan, daily new contracts on the network have climbed more than 3,000% where there were 34 such contracts on November 6, 2023 then the figure increased to 1,058 the following day and this may push the SHIB price up.
In addition to the further development of the network, many experts and SHIB officials are also of the view that mass adoption, regulatory clarity, technological innovation and the implementation of burning could push the memecoin to rise higher than its current price.
The burn rate in the memecoin project saw an increase of 20,000 on November 7, 2023 when more than 73 million tokens were removed from circulation.
Through observation on the price chart, SHIB which is currently still in bullish momentum should pass the resistance zone of $0.0000091 to continue rising higher but if it fails then the memecoin can fall back to the support zone of $0.0000079 followed by $0.0000074.
Currently, SHIB price is trading at $0.0000082 with a market capitalization of $4 billion then recorded a jump of about 5.61% over the last week.
