The Rise of Shiba Inu (SHIB) in the Crypto Space 🚀
Shiba Inu (SHIB) has emerged as the leading meme coin within the Ethereum (ETH) ecosystem, surpassing new similar projects in terms of popularity and market capitalization. With an impressive fully diluted valuation of approximately $17 billion and a daily average traded volume of around $156 million, SHIB boasts a large community of nearly 1.4 million on-chain holders.
Shiba Inu Developments 🐕
- The Shibarium layer two ecosystems have played a crucial role in enhancing the development of Shiba Inu. Currently, the Shibarium hosts a variety of web3 projects that have locked approximately $1.6 million within the network.
- The increased adoption of Shibarium has led to a rise in SHIB on-chain burn activities, ultimately contributing to the appreciation of existing tokens.
Mainstream Adoption 🌎
Amid the growing acceptance of meme coins, Shiba Inu has attracted a significant interest from institutional investors looking to diversify their crypto portfolios. Kronos Advanced Technologies Inc. (US OTC: KNOS), a prominent provider of FDA-approved air purification solutions, recently announced that its customers can now use SHIB as a payment method for their purchases.
The integration of Shiba Inu for payments is poised to cater to the increasing demand for alternative payment options, according to Greg Rubin, the CEO of Kronos. Moreover, customers utilizing SHIB for transactions will receive a 10 percent discount on their orders by using the coupon code “SHIBARMY10.”
Midterm Expectations 📈
- Shiba Inu’s price has experienced an upward trend since the breakout from the 2022 crypto bear market, indicating a positive trajectory for the meme coin.
- In the midterm, SHIB’s price against the US dollar is anticipated to undergo a slight correction to test the macro logarithmic trend that has been on the rise.
- From a technical perspective, Shiba Inu’s price may find substantial support levels within the 0.5 and 0.618 weekly Fibonacci Extension range.
Hot Take: The Future of Shiba Inu 🚀
Shiba Inu continues to dominate the meme coin sector, fueled by its growing community and ongoing developments within the Ethereum ecosystem. As the crypto market evolves, SHIB is poised to maintain its position as a prominent player, attracting both retail and institutional investors looking to capitalize on the meme coin’s potential.
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