Shiba Inu Coin Regains Momentum:Recovery Driven by Key Milestone

22 Jun 2023

Shiba Inu, the second-largest meme coin within the cryptocurrency ecosystem, has embarked on a remarkable price recovery this week, riding the wave of a broader surge in the crypto market. This resurgence comes in the wake of a significant development wherein the explorer Puppynet, the testnet for Shiba Inu's Layer 2 scaling solution, successfully completed a staggering 20 million transactions before being reset. This update has proven to be a pivotal moment, igniting a noteworthy 6.3% rally in the price of SHIB since June 19.

Shiba Inu's price trajectory took a sharp downturn in response to the actions taken by the US Securities and Exchange Commission (SEC) on June 5. However, the coin has demonstrated a remarkable bounce-back this week. The revival of Shiba Inu can be attributed to an overall improvement in sentiment among crypto traders, who are becoming more positive and optimistic about the market. Additionally, the achievement of a significant milestone by Shibarium, the Layer 2 scaling solution, which prompted the reset of Puppynet after successfully facilitating over 20 million transactions, has acted as a bullish catalyst for Shiba Inu. As a result, the meme coin's price has experienced an upward trajectory since the event on June 19.

Considering these recent developments, the Shiba Inu coin holds considerable potential as a speculative investment for inclusion in our portfolio once again.

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