Shiba Inu (SHIB) Price Set to Skyrocket After Correction; Will It Reach $0.000080?

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Will Shiba Inu (SHIB) emerge as the reigning meme coin? The Ethereum-based meme coin has been gearing up for a potential rally, with traders eyeing a retest of its all-time high (ATH). Despite facing resistance at around $0.000029 against the US dollar for the past eight weeks, Shiba Inu remains a highly sought-after meme coin, boasting a daily average trading volume of approximately $653 million.

To overcome recent hurdles, Shiba Inu must address certain challenges. On-chain data analysis from Glassnode reveals that over the past two weeks, more than 4 trillion SHIB tokens, valued at over $103 million, have been deposited to various cryptocurrency exchanges, potentially signaling profit-taking intentions.

Last week, Shiba Inu struggled to gain upward momentum against the US dollar, a trend that has persisted this week. However, given the current market dynamics, there is a possibility that Shiba Inu’s price could retest the recent correction bottom at $0.000018 before potentially rallying to reach $0.000080, aligning with the weekly 1.618 Fibonacci Extension.

The growth of the Shiba Inu ecosystem has been bolstered by the advancements in its layer two scaling solution, Shibarium. With a total value locked (TVL) of approximately $2.4 million, Shibarium hosts prominent DeFi platforms like WoofSwap, ChewySwap, DogSwap, and MARSWAP. Notably, the Shiba Inu team has made a significant improvement in the bridging process of BONE tokens via the Ethereum bridge, reducing the time required from seven days to just 45 minutes. This enhancement in transaction efficiency further strengthens the overall functionality of Shibarium.

Considering these developments, it may be worthwhile to reconsider including SHIB in your investment portfolio. The choice is yours to make!

Tags: Altcoins, Shiba Inu SHIB