The Shiba Inu (SHIB) token has seen a surge in price as Bitcoin and other altcoins reacted to Grayscale Investments’ win against the US Securities and Exchange Commission (SEC). The trading volume for the meme coin rose 50% in 24 hours to over $182 million.The positive market reaction to Grayscale’s win against SEC has also been reflected in the growth of Shibarium, the Ethereum layer-2 platform backed by the native SHIB token. The total wallet count for Shibarium has increased from just over 100,000 to more than 336,000 in less than 48 hours. The transaction count has also increased significantly, with daily transactions rising from 132,000 on August 25 to nearly 80,000 as of 9 am ET on August 30.Analysts believe that the positive market reaction to Grayscale’s win against SEC could lead to further upside triggers for SHIB. SHIB holders are excited about Shibarium’s key milestone, which could be reflected in short term price movement. SHIB bulls need to hold support at $0.0000075 to avoid ceding ground to bears. If this happens, primary resistance would be near $0.0000009. On the other hand, if the SHIB price falls below $0.00000070, it could open a downward path for bears to target lows of $0.00000061.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	8
People	None
Companies	Shibarium, Shib Spain, US Securities and Exchange Commission (SEC), None, Grayscale Investments
Currencies	Shiba Inu, Ethereum, US Dollar, Bitcoin
Securities	None