Although it is the second most valuable meme coin in the cryptocurrency market, Shiba Coin has been extremely successful in its field. In fact, we can say that it has surpassed Dogecoin in many ways. After successfully taking steps to build its own ecosystem, Shiba Coin is now on the verge of a major breakthrough.
Shiba Coin Review
After a challenging 14-day struggle, the price of Shiba Inu (SHIB) rose above $0.0000080 on Friday, July 28th. On-chain data reveals numerous bullish signals that could support a continuous breakout in SHIB price. The excitement behind the price of Shiba Inu (SHIB) is undoubtedly fueled by the expectations surrounding Shibarium.
Although uncertainty surrounding the launch date dampened hopes, the social volume increased after the progress updates on the Ethereum-Shibarium bridge product. Social media activity often triggers a rise in meme coins, and the same happened again. At the time of writing, the price, which is above $0.0000084, continues to increase by approximately 4%.
Shiba Inu (SHIB) Chart Analysis
The highly anticipated Shibarium product launch has created a significant buzz in the media over the past few months. On July 26th, Marketing Specialist Lucie announced that “Shibarium Beta Bridge has been released for public testing.” According to Santiment, Shiba Inu’s exchange supply dropped to 83 trillion, the lowest level in the past two years, in July 2023. The decrease in exchange volume indicates less selling pressure and is positive for the price.
For now, the critical resistance that Shiba Coin bulls need to overcome is at $0.000009. This level could be challenging for the 368,000 investors who purchased 270 trillion SHIB tokens. On the other hand, if the uncertainty surrounding the main launch disappears and Bitcoin recovers to some extent, the price could break free from the zero position once again.
Those shorting Shiba Inu will struggle to bring the price below $0.000008 and hold it there. If they succeed, their next targets seem to be $0.000007 and $0.000006.
Bitcoin remains almost stable. At the time of writing, BTC is trading at $29,287 and has shown very little movement compared to the previous day. The price chart resembles that of a stablecoin.
