Shiba Inu (SHIB) price has bounced back above $0.000008 as the relaunched Shibarium L2 network gradually gains traction. On-chain analyzes how Shiba Inu price could react if this boosts investor confidence in the coming weeks. 

On August 25, the Shiba Inu team relaunched the Shibarium L2 scaling network after technical problems beset the initial mainnet launch. Barely a week later, confidence has grown across the Shiba Inu (SHIB) community. Can this propel SHIB’s price to new peaks in the coming weeks? 

Shibarium Has Crossed the 150,000 Wallet Milestone 

Confidence seems to be returning to the Shiba Inu community as the Shibarium scaling platform begins to regain traction. On August 29, the L2 network hit the milestone of 150,000 wallet addresses created, according to the real-time data culled from the Shibarium Scan tool. 

Also, the Daily Transactions have started to trend upward once again. At the close of August 28, Shibarium attracted 66,058, up 64% from 40,433 transactions registered on the previous day.

The Shibarium L2 Network has been touted to bring a new dimension of growth to the Shiba Inu ecosystem. Firstly, it billed to deepen the adoption of SHIB tokens globally and importantly increase the SHIB burn rate and transaction speeds significantly. 

Unsurprisingly, the recent upturn and smooth sailing mainnet transactions have already triggered a 5% SHIB price bounce on August 29. If each of these propositions holds true, the growth in Shibarium traction could further propel Shiba Inu’s price above the $0.000010 mark in the coming weeks.