Is Shiba Inu the new king of meme coins?!
Leading Ethereum (ETH)-based meme coin, Shiba Inu (SHIB), has been preparing for the second leg of the macro bullish breakout towards retesting its all-time high (ATH). The large-cap altcoin, with a fully diluted valuation of about $25 billion, remains one of the most sought-after meme coins, with a daily average trading volume of about $653 million as of this writing.
Despite its popularity, Shiba Inu has encountered resistance at around $0.000029 against the US dollar over the past eight weeks. This has led swing traders to shift their focus to more volatile meme coins, such as those inspired by political movements like MAGA.
The question now: can SHIB overcome these hurdles?
On-chain data analysis from Glassnode shows that over 4 trillion SHIB, worth more than $103 million, have been deposited to various cryptocurrency exchanges in the past two weeks in anticipation of profit-taking.
Last week, Shiba Inu’s price action against the US dollar revealed that buyers were struggling to push the meme coin higher, a trend that has continued this week.
Given the current market dynamics, Shiba Inu’s price might retest the recent correction bottom around $0.000018 before rallying towards $0.000080, aligning with the weekly 1.618 Fibonacci Extension.
The Shiba Inu ecosystem has grown significantly due to advancements in its layer two scaling solution, Shibarium. As of this report, Shibarium has a total value locked (TVL) of about $2.4 million, featuring prominent DeFi platforms such as WoofSwap, ChewySwap, DogSwap, and MARSWAP.
In a recent development, the Shiba Inu team announced a major improvement in the time required to bridge BONE tokens via the Ethereum bridge. The process has been reduced from seven days to just 45 minutes, greatly enhancing transaction efficiency.
Also Read : Memecoins Tumbling Down, FLOKI, & Pepe Plunge Heavily: What’s Next?
With Shibarium’s development, is it time to reconsider SHIB for your portfolio? It’s a choice you’ve got to make!
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