In a nutshell:
- Shiba Inu is ready for a potential bull run.
- Over 4 trillion SHIB have been deposited for potential profit-taking.
- Progress in Shibarium supports the ecosystem of Shiba Inu.
Shiba Inu (SHIB), an Ethereum-based cryptocurrency, is on the cusp of a bullish breakthrough, which could challenge its previous peak. SHIB now has a fully diluted market capitalization of around $25 billion.
On average, $653 million is traded every day. Investors are still interested in SHIB. The asset’s price has faced resistance around $0.000029 over the past eight weeks. As a result, some investors have shifted their focus to riskier memecoins with political themes, such as MAGA.
Shiba Inu Unites Ahead of a Bullish Breakout
A study of on-chain data by Glassnode shows that over 4 trillion SHIB is held on cryptocurrency exchanges. The deposited SHIB is worth approximately $103 million. Shiba Inu’s price against the US dollar last week indicated that buyers were having trouble pushing the meme coin higher. The same circumstances have been noted this week as well.
Shiba Inu could therefore revisit the previously set correction low of around $0.000018, which coincides with the weekly 1.618 Fibonacci extension, before moving towards $0.000080.
What is a Shibarium?
Shibarium is a layer-2 (L2) blockchain network that aims to increase scalability, reduce transaction costs, and improve the user experience of the Shiba Inu cryptocurrency ecosystem.
Why is the Shibarium crucial?
Significant progress in its layer two scaling solution Shibarium has significantly improved the Shiba Inu ecosystem. At the time of this research, Shibarium was valued at approximately $2.4 million, and its top DeFi platforms included WoofSwap, ChewySwap, DogeSwap, and MarsSwap.
Now it takes less time to add BONE tokens. Earlier, it used to take seven days to add BONE tokens via the Ethereum Bridge. Nowadays, this process takes only 45 minutes to complete.
User Insights
Monitor SHIB price movements for signs of breaking through resistance around $0.000029.
Monitor the volume of SHIB tokens transferred to exchanges, as this could foreshadow prospective price swings.
Use the Shibarium network’s newest advancements to speed up transactions and improve the user experience.
Investigate DeFi platforms within the Shiba Inu ecosystem to diversify your investing options.
These insights can help consumers make informed decisions about their investments and interactions with the Shiba Inu ecosystem.
