Shiba INU Meme Coin Holds Steady in the Face of Crypto Market Downturn Discover the Secret
Shiba Inu (SHIB) has established itself as the dominant meme coin in the Ethereum (ETH) ecosystem, surpassing new projects that have emerged. Boasting a fully diluted market valuation of approximately $17 billion and an average daily trading volume of around $156 million, Shiba Inu has amassed an impressive user base of nearly 1.4 million on-chain holders.
Despite the challenging crypto bear market, Shiba Inu has managed to maintain its relevance in the digital currency world, thanks to its exceptional initial performance, ongoing network developments, and the endorsement from Vitalik Buterin, co-founder of Ethereum. These factors have solidified its position as a leading player in the market.
One of the key factors contributing to Shiba Inu’s growth has been the development of the Shibarium layer two ecosystem. Shibarium currently hosts multiple web3 projects, with approximately $1.6 million locked on the network. This increasing adoption has led to a rise in the burning of SHIB tokens on-chain, ultimately driving up the value of the remaining tokens.
The popularity of meme coins has also attracted institutional investors to Shiba Inu, who are looking to diversify their crypto portfolios. For instance, Kronos Advanced Technologies Inc., a renowned provider of FDA-approved air purification solutions, recently announced that it now accepts Shiba Inu as a form of payment. This move highlights the growing interest from established companies in utilizing meme coins for transactions. Kronos customers using Shiba Inu will even receive a 10 percent discount on their orders with the coupon code “SHIBARMY10.”
In terms of market performance, Shiba Inu has shown a positive trend this year, breaking out successfully from the crypto bear market of 2022. However, analysts predict that the price of Shiba Inu against the US dollar may experience a temporary decline in the near future before a potential rise. From a technical perspective, Shiba Inu’s price is expected to find strong support between the 0.5 and 0.618 weekly Fibonacci Extension levels, indicating stability and potential opportunities for investors.
Overall, Shiba Inu’s dominance in the meme coin space, coupled with its continual development and institutional interest, suggests that it is here to stay. While some foresee a potential price dip, the long-term prospects for Shiba Inu remain promising for investors seeking to capitalize on market movements.