Shiba Inu (SHIB) price rose as Bitcoin and altcoins reacted positively to Grayscale Investments’ victory against the US Securities and Exchange Commission (SEC). The crypto industry celebrated yet another blow for the SEC, as its continued denial of a spot Bitcoin ETF caused tokens such as Shiba Inu to trend higher.
The trading volume for SHIB rose 50% in 24 hours to over $182 million. Meanwhile, the Ethereum layer-2 platform Shibarium, which is backed by the native SHIB token, experienced a spike in new wallet addresses. On-chain data shows the platform’s resumption after a shambolic launch is likely driving interest among retail investors. The total wallet count for Shibarium has risen from just over 100,000 to more than 336,000, while daily transactions have increased from 132,000 on August 25 to nearly 80,000.
Analysts see the positive market reaction to Grayscale’s win against SEC as a watershed moment likely to see further upside triggers. SHIB holders are excited about Shibarium’s key milestone, and that could tell in short term price movement. SHIB bulls need to hold support at $0.0000075 to avoid ceding ground to bears, while the flip side would be for the SHIB price to fall below $0.00000070, in this case opening a downward path for bears to target lows of $0.00000061.
