Shiba Inu SHIB Holds Dominance as Top Meme Coin in the Ethereum Ecosystem
Shiba Inu (SHIB) has maintained its status as the premier meme coin within the Ethereum (ETH) ecosystem amidst the emergence of numerous similar projects. This high-capacity meme coin boasts a fully diluted market valuation of approximately $17 billion, alongside a daily trading volume averaging around $156 million, and proudly counts nearly 1.4 million on-chain holders.
Shiba Inu’s robust initial performance, coupled with significant network advancements and support from Ethereum co-founder Vitalik Buterin, have solidified its position despite the challenges posed by the cryptocurrency market downturn.
Shiba Inu Developments
The leading dog-themed meme coin has greatly benefited from advancements in the Shibarium layer two ecosystem. Presently, Shibarium hosts a dozen web3 projects with a combined locked value of about $1.6 million on the network. The growing adoption of Shibarium has contributed to increased on-chain burning of SHIB tokens, thereby enhancing the value proposition for existing holders.
Mainstream Adoption
The widespread adoption of meme coins has facilitated Shiba Inu’s appeal to institutional investors seeking diversification in their cryptocurrency portfolios. In a recent development, Kronos Advanced Technologies Inc. (US OTC: KNOS), a pioneer in FDA-approved air purification solutions, announced its acceptance of Shiba Inu as a form of payment. Greg Rubin, CEO of Kronos, emphasized that integrating Shiba Inu payments will cater to the rising demand for alternative payment methods. Customers using SHIB for payments will enjoy a 10% discount on their purchases using the code “SHIBARMY10.”
Midterm Outlook
Shiba Inu’s price has shown a consistent upward trend this year following a successful breakout from the crypto bear market of 2022. Looking ahead, the price of Shiba Inu against the US dollar is expected to continue rising, testing higher levels within the macro logarithmic trend. Technically, strong support levels are anticipated around the 0.5 to 0.618 weekly Fibonacci Extension.
Tags: Shiba Inu, SHIB