The Shiba Inu coin (SHIB) rose 3.40% on Thursday. After rising 5.88% on Wednesday, Chip stock ended the day at $0.00001155.
A mixed start to the day saw SHIB stock drop to a mid-morning low of $0.00001082. Avoiding the first major support level (S1) at $0.00001015, SHIB climbed to a high of $0.00001179 in the late afternoon. But when SHIB failed to reach the first major resistance level (R1) at $0.00001257, SHIB stock fell back to end the day at $0.00001155.
FTX news and sentiment towards the Shibarium upgrade provided support
There have been no Shibarium network updates to provide a SHIB rest session. However, expectations of an imminent upgrade continued to support a move towards $0.000012.
According to Shibarium Network, the upgrade will increase transaction speed while lowering fees. Upgrading Shibarium will also greatly increase the SHIB’s burn rate.
Recent messages hinting at an imminent launch supported SHIB’s recovery from levels below $0.0000080. Increased election activity contributed to the crisis in January, with SHIB stock up 43.1% year-to-date.
Adding to the bullish sentiment was the news of a possible FTX restart. According to the Wall Street Journal, new FTX CEO John J. Ray III said he has created a task force to investigate the relaunch of FTX.com. Reportedly, some customers have praised the technology and suggested it would be valuable in rebooting.
However, there was no Dogecoin Foundation or Twitter update for investors to look into.
Today, network updates will remain the most important drivers. But cryptocurrency market sentiment is likely to have an impact.