After weeks of sideways movement between $0.000012 and $0.000015, Shiba Inu (SHIB), the second-largest meme coin by market cap, has finally broken free. On Thursday, during the early New York session, SHIB surged by 13%, trading at around $0.00001716. This marks a notable shift from its previous liquidity zone, backed by over $7 million in liquidity.
With the daily Relative Strength Index (RSI) pushing above the 70% threshold, it’s clear that Shiba Inu’s bulls are regaining control after a prolonged six-month period of market stagnation.
Shibarium TVL Growth
One of the key catalysts behind SHIB’s breakout is the recent success of Shibarium, Shiba Inu’s layer two scaling solution built on Ethereum. Just a week after its latest update, Shibarium’s Total Value Locked (TVL) climbed to approximately $3.64 million.
“As Shibarium continues to develop, this week’s performance lays promising groundwork for future progress. The community’s involvement will be crucial as the platform evolves in the decentralized finance space,” – Lucie, Shiba Inu’s lead marketer
Among the best-performing DeFi projects on the Shibarium network are WoofSwap, MarSwap, and ChewySwap, which have all contributed to the ecosystem’s growth.
Launch of SHI Stablecoins
In a bid to improve liquidity among other utilities in the Shiba Inu ecosystem, the core developers, led by Ryoshi, intend to launch stablecoin soon. The launch of the SHI stablecoins will place the Shiba Inu meme coin ahead of its competitors and upgrade its credibility among investors.
“As development progresses, SHI is set to enhance the Shib ecosystem’s capabilities, providing a reliable framework for decentralized finance and contributing to a more resilient financial landscape,”
Launch of Shibdentity
Additionally, the Shiba Inu developers have announced the upcoming launch of “Shibdentity” in collaboration with D3. Shibdentity aims to give users more control over their online identities and digital assets, streamlining management across decentralized networks. Although not yet fully integrated, this development has the potential to drive mainstream adoption of Shiba Inu’s DeFi protocols.
Shiba Inu Gains Momentum Alongside Market Leaders
As the largest meme coin on the Ethereum network, Shiba Inu has attracted over 1.4 million holders. With its deep DeFi liquidity, Shiba Inu has attracted more institutional investors seeking to diversify their crypto portfolio.
Amid the rising hype for the October effect in the crypto industry, Shiba Inu price followed its leader Dogecoin and Bitcoin in a bullish breakout.
The next big move for Shiba Inu could be just around the corner. Stay tuned.
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