Shiba Inu (SHIB) Prepares for Significantly Positive Breakout: Discover the Reasons

Shiba Inu (SHIB), the popular meme coin built on the Ethereum (ETH) blockchain, is gearing up for a major bullish breakout as it aims to retest its all-time high (ATH). With a market capitalization of approximately $25 billion, SHIB remains one of the most sought-after meme coins, boasting a daily average trading volume of around $653 million.

However, the SHIB price has encountered a slight resistance level at $0.000029 against the US dollar over the past eight weeks. As a result, swing traders have turned their attention to more volatile meme coins like MAGA, which are inspired by political themes.

Before the anticipated bullish breakout, over 4 trillion SHIB tokens, valued at over $103 million, have been deposited on various cryptocurrency exchanges in the last two weeks, according to on-chain data analysis provided by Glassnode. This influx of SHIB tokens suggests that traders are preparing to take profits. Last week, the SHIB price struggled to gain momentum, and this trend has continued into this week.

As a result, it is possible that the SHIB price could retest the recent correction bottom of around $0.000018 before embarking on a rally towards $0.000080, which aligns with the 1.618 Fibonacci Extension on the weekly chart.

The growth of the Shiba Inu ecosystem has been aided by significant developments in its layer two scaling solution, Shibarium. Currently, Shibarium has a total value of approximately $2.4 million, and it hosts prominent decentralized finance (DeFi) platforms such as WoofSwap, ChewySwap, DogSwap, and MARSWAP, among others.

In recent updates to Shibarium, the Shiba Inu development team announced a reduction in the time required to bridge BONE tokens via the Ethereum bridge from seven days to just 45 minutes.

Tags: Altcoins, Shiba Inu, SHIB