Crypto:
30251
Bitcoin:
$66.201
% 1.06
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.201
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Shiba Inu (SHIB) Could Be in for a Big Surprise!

Shiba

Shiba Inu (SHIB), an Ethereum-based memecoin, is poised for a potential breakout rally to retest its all-time high. With a fully diluted market capitalization of around $25 billion and an average daily trading volume of $653 million, Shiba Inu remains a popular memecoin. However, SHIB’s price has been met with resistance at around $0.000029 for the past eight weeks, causing hesitant investors to focus on more volatile memecoins inspired by political themes like MAGA.

Consolidation Before Breakout

According to on-chain data from Glassnode, over 4 trillion SHIB worth over $103 million have been deposited onto various cryptocurrency exchanges in the past two weeks for potential profit-taking. This indicates that buyers are struggling to push SHIB’s price higher, a trend observed last week and continuing this week.

Consequently, Shiba Inu’s SHIB price could retest the recent consolidation bottom around $0.000018 before potentially breaking out towards $0.000080, which aligns with the weekly 1.618 Fibonacci extension line.

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The Shiba Inu ecosystem has seen significant growth, particularly with developments in its Layer 2 scaling solution, Shibarium. Shibarium has reached a total value locked of around $2.4 million, supported by top decentralized finance (DeFi) platforms like WoofSwap, ChewySwap, DogSwap, and MARSWAP. These advancements have strengthened the ecosystem and increased its utility.

BONE Token Bridge Improvement

Recently, the Shiba Inu developer team announced a major improvement to the Shibarium network, reducing the time required to bridge BONE tokens via the Ethereum bridge from seven days to just 45 minutes. This enhancement is expected to improve user experience and attract more users, or participants, to the Shiba Inu ecosystem.

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