Shiba Inu (SHIB) Price Surges 13% to $0.00001614, Network Growth Hints Further Increase

The Shiba Inu network, Shibarium, is currently the main contributor and influencer of the SHIB price action. The developers have been working hard to make new products to trap investors and potentially catch more.

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Shiba Inu price showed signs of recovery on August 23, surging 13% to $0.00001614 before retracing. However, investor optimism remained high, driven by increasing network usage, volume and new developments.

The Shiba Inu network, known as Shibarium, continued to be a major influence on SHIB price action. The developers were working on several initiatives to attract investors.

One of the latest developments was the plan to launch a Shiba Inu decentralized autonomous organization (DAO), as announced by Shiba Inu marketing lead Lucie on August 24.

The SHIB DAO aimed to further empower the community by giving them a say in governance processes.

Meanwhile, Shibarium network account growth hit a new all-time high of 118,470 on August 25, indicating strong user interest in joining the network.

Data from Santiment showed that SHIB daily active addresses and volume had been rising gradually since August 14.

This suggested increasing network usage, which corresponded with the Shiba Inu price, which had risen 8% in the same period.

Furthermore, futures traders were largely betting on the price of SHIB to increase, with Coinglass data revealing more cumulative Long Liquidation Leverages compared to shorts in the last 24 hours.

This imbalance signaled that traders were anticipating the SHIB price to rise.

However, a closer examination of the SHIB open interest (OI) and price changes over the last 24 hours suggested that traders were closing their long positions, possibly in anticipation of a short-term retrace.

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