Ethereum-based memecoin Shiba Inu (SHIB) is preparing for a potential bullish breakout to retest its all-time high. With a fully diluted market cap of around $25 billion and an average daily trading volume of $653 million, Shiba Inu remains a popular memecoin. However, SHIB‘s price has encountered resistance at approximately $0.000029 over the past eight weeks, causing indecisive investors to focus on more volatile memecoins inspired by political themes like MAGA.
Consolidation Before Bullish Breakout
Glassnode‘s on-chain data indicates that over 4 trillion SHIB, worth more than $103 million, were deposited into various cryptocurrency exchanges over the past two weeks for potential profit-taking. This trend observed last week and continuing this week shows buyers struggling to push SHIB’s price higher.
As a result, Shiba Inu’s SHIB price may potentially retest the recent correction base around $0.000018 before a possible rise towards $0.000080, aligned with the weekly 1.618 Fibonacci extension line.
Supporting Ecosystem Growth
The Shiba Inu ecosystem has seen significant growth, especially with developments in the Layer 2 scaling solution Shibarium. Shibarium, supported by top decentralized finance (DeFi) platforms like WoofSwap, ChewySwap, DogSwap, and MARSWAP, has reached a total value of approximately $2.4 million. These developments have strengthened the ecosystem and increased its utility.
Recently, the Shiba Inu development team announced a major improvement in the Shibarium network, reducing the time required to bridge BONE tokens via the Ethereum bridge from seven days to just 45 minutes. This improvement is expected to enhance user experience and attract more participants to the Shiba Inu ecosystem.
