Shiba Inu (SHIB) continues to be the top meme coin in the Ethereum (ETH) ecosystem, despite the rise of new similar projects. With a market valuation of around $17 billion and a daily trading volume of about $156 million, SHIB boasts nearly 1.4 million holders.
Its strong initial performance, ongoing network development, and support from Ethereum co-founder Vitalik Buterin have helped it stay prominent even during the crypto bear market.
SHIB Gains from Shibarium and Institutional Adoption
Shiba Inu (SHIB) has significantly benefited from the development of the Shibarium layer two ecosystem. Currently, Shibarium hosts a dozen web3 projects with around $1.6 million locked on the network. This adoption has increased SHIB’s on-chain burn rate, which in turn boosts the value of existing tokens.
The growing popularity of meme coins has attracted more institutional investors to Shiba Inu, looking to diversify their crypto portfolios. In a recent update, Kronos Advanced Technologies Inc. (US OTC: KNOS), known for its FDA-approved air purification solutions, announced that it will now accept Shiba Inu as a payment method.
Source: X
Greg Rubin, CEO of Kronos, stated that integrating Shiba Inu for payments is a response to the increasing demand for alternative payment options. Kronos customers using Shiba Inu will receive a 10 percent discount on their orders with the coupon code “SHIBARMY10.”
Shiba Inu (SHIB) Price Trends and Technical Outlook
Shiba Inu’s price has been steadily rising this year, following a successful bullish breakout from the 2022 crypto bear market. In the near term, the price is expected to continue its downward trend to test the rising macro logarithmic trend.
From a technical perspective, Shiba Inu’s price is likely to find solid support between the 0.5 and 0.618 weekly Fibonacci Extension levels.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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