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After dropping as low as $0.00001667 on Sunday, Shiba Inu is now back to $0.000017 levels.

The SHIB price has practically recovered from last week’s correction, though still far from July’s high of $0.000017.

The extreme volatility in the price of SHIB at the moment has seen it record a 2% surge thus far this month.

The highest price level so far was recorded in June, with a value of $0.000035. This week might be an important moment for SHIB to turn the tables. 

Major updates

The Shiba Inu ecosystem is poised for significant advancement with the development of its own layer-3 network.

In a recent tweet, SHIB team member Lucie highlighted updates on various tokens and dApps, focusing on the anticipated layer-3 network. 

This network will leverage Fully Homomorphic Encryption (FHE), a privacy tool that allows secure data use on untrusted domains without decryption, ensuring security and privacy.

Shiba Inu and its tokens, including Bone and Treat, as well as projects like the Metaverse and Shibdentity, are expected to benefit from FHE.

As Shibarium nears its first anniversary, the Shiba Inu Layer-2 blockchain is approaching a milestone of six million total blocks, showcasing its growth and resilience since its launch last August.

The team has also announced upcoming projects and services, including Shibacal NFTs and Shiba Eternity, indicating rapid expansion with more products to be unveiled soon.

Price forecast

Shiba Inu has experienced some major metric improvements recently. In fact, some metrics potentially indicate further uptrends.

For instance, data from CryptoRank suggests SHIB could see a bullish rally in August, as historical trends show an average profitability of 2.67% and a median of 3.36% for the month.

However, some metrics paint a blunt picture, including whale activity. Both transaction volume and large transactions are down. 

SHIB is currently forming a descending wedge pattern, which often precedes volatility spikes. As the price nears the upper edge of the pattern, SHIB might show an upward move, targeting June's highs. 

Currently, SHIB's Relative Strength Index (RSI) is at 46, indicating neutral territory.