Shiba Inu (SHIB), a prominent Ethereum (ETH)-based meme coin, is gearing up for a potential rise towards its all-time high (ATH). With a market cap of approximately $25 billion, SHIB remains highly popular, boasting a daily trading volume of around $653 million.
However, its price against the US dollar has encountered resistance around $0.000029 over the past two months. Consequently, some swing traders have turned their attention to more volatile meme coins, including politically themed projects like MAGA.
Shiba Inu (SHIB) On-Chain Analysis and Price Outlook
According to on-chain data from Glassnode, over the past two weeks, more than 4 trillion SHIB tokens, valued at over $103 million, have been deposited across various cryptocurrency exchanges in anticipation of profit-taking.
Last week, the price of Shiba Inu against the US dollar suggested that buyers were struggling to drive up the meme coin’s value, a trend that has continued into this week.
As a result, analysts anticipate that Shiba Inu’s price may retest its recent correction bottom around $0.000018 before potentially rallying towards $0.000080. This target aligns with the weekly 1.618 Fibonacci Extension level.
Source: X
Shibarium Boosts Shiba Inu Ecosystem
The Shiba Inu ecosystem has seen significant advancements thanks to Shibarium, its layer two scaling solution. Currently, Shibarium boasts a total value of approximately $2.4 million and hosts major DeFi platforms like WoofSwap, ChewySwap, DogSwap, and MARSWAP.
In recent updates to Shibarium, the Shiba Inu development team has reduced the time required to bridge BONE tokens via the Ethereum bridge from seven days to just 45 minutes. These improvements aim to enhance efficiency and user experience within the ecosystem.
Important:Â 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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