Is the spot of the top dog now up for grabs? Not so soon!
Shiba Inu (SHIB) continues to dominate the Ethereum (ETH) ecosystem as the leading meme coin, even as new projects emerge. With a fully diluted market valuation of around $17 billion and an average daily trading volume of approximately $156 million, Shiba Inu boasts nearly 1.4 million on-chain holders.
Shiba Inu’s remarkable initial performance, ongoing network developments, and the endorsement from Ethereum co-founder Vitalik Buterin have kept the meme coin relevant throughout the crypto bear market. These factors have played a pivotal role in cementing its status in the digital currency world.
One significant boost for Shiba Inu has been the development of the Shibarium layer two ecosystem. As of now, Shibarium hosts a dozen web3 projects, with approximately $1.6 million locked on the network. This growing adoption has led to an increase in the SHIB on-chain burn, ultimately raising the value of the remaining tokens.
The widespread adoption of meme coins has attracted more institutional investors to Shiba Inu, seeking to diversify their crypto portfolios. Recently, Kronos Advanced Technologies Inc. (US OTC: KNOS), a leader in FDA-approved air purification solutions, announced that its customers can now use Shiba Inu as a means of payment.
Greg Rubin, CEO of Kronos, stated that integrating Shiba Inu for payments will help meet the growing demand for alternative payment options. Moreover, Kronos customers using Shiba Inu will receive a 10 percent discount on their orders with the coupon code “SHIBARMY10.”
Year-to-date, Shiba Inu’s price has been on an upward trajectory, breaking out successfully from the 2022 crypto bear market. In the midterm, the price of Shiba Inu against the US dollar may experience a decline, potentially retesting the rising macro logarithmic trend.
From a technical perspective, Shiba Inu’s price could find robust support between the 0.5 and 0.618 weekly Fibonacci Extension levels. This technical analysis suggests potential stability and opportunities for investors looking to capitalize on market movements.
Also Read: How Billy Turned $1,116 into $6 Million in a Month?
Shiba Inu: Here to stay or just a fad? You decide!
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