Shibarium, XRP, and Ethereum: Key Developments in the Crypto Space
TL;DR
- Shibarium, Shiba Inu’s layer-2 solution, shows increased activity, approaching a 90-day peak in deployed contracts.
- Analysts predict a possible bull run for XRP, driven by tightening Bollinger Bands and historical patterns.
- Ethereum (ETH) sees increased wallet creation, suggesting rising network utility and potential for further price gains.
What’s New Around SHIB?
Shiba Inu’s layer-2 scaling solution continues to make waves in the crypto space. Earlier this week, LUCIE, a prominent member of the SHIB community, stated that the protocol approached a three-month high in deployed contracts, indicating strong developer activity. Shibarium also recorded a 91% increase in daily transactions processed on a daily scale, from 2,840 on September 10 to 5,430 the following day.
The network officially went live last summer and is designed to foster the development of the Shiba Inu ecosystem. Its primary goals include improving the overall user experience, enhancing scalability, reducing transaction fees, and allowing developers to build decentralized applications. As the ecosystem continues to evolve, some industry participants believe its further progress could be among the factors positively impacting the price of SHIB.
XRP Bull Run Incoming?
The price of Ripple’s native token has plummeted in the past 14 days, but some analysts believe it might soon rally to unseen peaks. X user EGRAG CRYPTO argued that XRP could repeat the pump observed in late 2017 and early 2018, when its valuation witnessed a 1,250% increase, reaching an all-time high of $3.40. Such an explosion nowadays would result in a new top of approximately $7.20 for the asset.
Other industry participants envision good days ahead based on the squeezing Bollinger Bands. The Great Mattsby suggested this development could lead to a huge bull run for XRP. The Bollinger Bands is a technical indicator that helps traders identify when an asset may be overbought or oversold, thus spotting potential reversal points. Its tightening bands typically represent a prolonged period of relatively low price volatility that may eventually be followed by a massive rally (or a correction). Historically, it has resulted in a movement to the upside.
How’s ETH Doing?
The second-largest cryptocurrency in terms of market cap has also been in the spotlight lately. It recorded substantial price swings in the past week, dipping below $2,200 and rising above $2,400 before settling at its current $2,360. Its value may head further north based on one important metric. The crypto analytics platform Santiment revealed that over 126,200 Ethereum wallets were created on September 8 (the last time the figure spiked that high was four months ago). According to the entity, the development is a sign of rising network utility and a precursor for "price bounces" beyond the $2,000-$2,300 range.
Conclusion
The crypto space is abuzz with activity, as Shibarium, XRP, and Ethereum continue to make waves. Shibarium’s increasing activity and XRP’s tightening Bollinger Bands may signal a potential bull run for both assets. Meanwhile, Ethereum’s growing network utility and wallet creation could lead to further price gains. As the crypto market continues to evolve, it’s essential to stay informed and adapt to the changing landscape.
FAQs
Q: What is Shibarium, and what is its purpose?
A: Shibarium is a layer-2 scaling solution designed to foster the development of the Shiba Inu ecosystem. Its primary goals include improving the overall user experience, enhancing scalability, reducing transaction fees, and allowing developers to build decentralized applications.
Q: Why is Shibarium’s activity increasing?
A: Shibarium’s increasing activity is likely due to the growing interest in the Shiba Inu ecosystem and the potential for future price gains.
Q: What is the significance of XRP’s tightening Bollinger Bands?
A: The tightening Bollinger Bands indicate a prolonged period of relatively low price volatility, which may eventually be followed by a massive rally (or a correction). Historically, it has resulted in a movement to the upside.
Q: Why is Ethereum’s wallet creation increasing?
A: Ethereum’s growing wallet creation is a sign of rising network utility and a precursor for "price bounces" beyond the $2,000-$2,300 range. This development suggests that the network is becoming more active and may lead to further price gains.
