Shiba Inu (SHIB) Coin Progression

Shiba Inu (SHIB), a notable Ethereum (ETH)-based meme coin, appears to be gearing up for a potential surge towards its all-time high (ATH). With a market capitalization of roughly $25 billion and a daily trading volume of about $653 million, SHIB continues to attract considerable attention.

However, the resistance at $0.000029 against the US dollar has presented challenges in its recent price movements, leading some traders to explore more volatile meme coins, including politically themed projects like MAGA.

Recent On-Chain Activity and Price Outlook

Recent on-chain data from Glassnode indicates a significant inflow of over 4 trillion SHIB tokens, valued at over $103 million, into various cryptocurrency exchanges, signaling expectations of profit-taking.

Current price trends against the US dollar suggest difficulties for buyers in increasing the value of the meme coin, a trend that persists through the current period.

Analysts foresee a potential revisit of SHIB's recent low at $0.000018 before a potential rally towards $0.000080, in line with the weekly 1.618 Fibonacci Extension level.

Shibarium Enhancements in Shiba Inu Ecosystem

The Shiba Inu ecosystem has witnessed notable progress with the introduction of Shibarium, a layer two scaling solution. Shibarium, with a total value of around $2.4 million, accommodates prominent DeFi platforms such as WoofSwap, ChewySwap, DogSwap, and MARSWAP.

Recent upgrades in Shibarium include a substantial reduction in the bridging time for BONE tokens via the Ethereum bridge, from seven days to just 45 minutes, aiming to enhance operational efficiency and user satisfaction within the ecosystem.

This article serves as an information piece and should not be considered as legal, tax, investment, financial, or any other form of advice.