Key Takeaways
- Shibarium surpasses 1 billion transactions, highlighting organic network growth.
- A TradingView analyst questions SHIB’s potential to reach $1, citing market cap limitations.
- SHIB’s price action shows a critical support level at $0.00001296, with possible downside risk.
Shibarium, the Layer 2 scaling solution that backs the Shiba Inu network, reached an important milestone as of 31st March 2025, crossing 1 billion on-chain transactions.
This feat is noteworthy as it was the result of purely organic activity from the community and not artificial traffic or paid advertisement. The milestone indicates Shibarium’s increasing usage and confirms its status as decentralized infrastructure for upcoming applications.
Shiba Inu’s devoted following has been responsible for the development of Shibarium. The network, from the release of its mainnet 18 months ago, has been continually evolving as a high-performance network.
Developers and companies are now tapping its potential, as government organizations research its transparency, companies experiment with Web3-ready solutions, and gaming companies are looking at it as an option for cost-effective blockchain integration.
The network is no longer just a meme project. It is now shaping up as an efficient and scalable Layer 2 solution that can serve practical needs.
SHIB’s Price Faces Resistance Amid Market Speculation
Shiba Inu sits at 0.00001268, having risen 2.25% over the past 24 hours but decreasing 8% on the week. Market participants have been debating its long-term prospects, and there are those who speculate about the potential for price explosion.
However, one popular TradingView commentator challenged this rosy outlook, pointing to unrealistic expectations of the cryptocurrency ever trading at $1.
Based on his calculation, market cap must first be understood before any extreme price targets are discussed. Its total supply would require a market cap of $589 trillion to hit $1, a number much greater than the size of the global market for gold at $19 trillion.
The analyst warns investors against deceptive statements and encourages them to verify these projections through simple arithmetic. While the cryptocurrency has done incredibly well historically, the likelihood of it achieving this valuation is mathematically implausible.
SHIB Price at Crossroads: Key Support Level in Focus
Technically, the cryptocurrency has demonstrated a strong upward trend after breaking through its long-term weekly range.
Having been locked up earlier within a 620-day period of consolidation, the token surged to an all-time high of $0.00003279 before being rejected and falling to $0.00001296, now acting as pivotal support.
Its current price chart displays a potential double-top pattern, one of the most common bearish formations that can signify trend reversal. However, this pattern would be confirmed when the support price of $0.00001296 is broken.
If this happens, the price is expected to fall to $0.0000067 based on risk-to-reward calculations. For traders, the takeaway is to pay attention to price activity at this support zone.
The analyst does not recommend buying the cryptocurrency personally but suggests those holding the asset sell when prices are lower than $0.00001296 to cap losses. In this, the cryptocurrency regains bullish momentum at some point; re-entry is possible at more supportive areas.
Related Reading | Hacker Transfers $70 Million from UPCX in Major Security Breach
