Shiba

Ethereum

2024

DeFi

Shiba Inu

<p>The post <a href="https://coinpedia.org/news/shiba-inu-shib-gears-up-for-major-bullish-breakout-heres-why/">Shiba Inu (SHIB) Gears Up for Major Bullish Breakout: Here’s Why</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Leading <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> (ETH)-based meme coin, <a href="https://markets.coinpedia.org/shiba-inu/" target="_blank" rel="noreferrer noopener">Shiba Inu</a> (SHIB), has been preparing for the second leg of the macro bullish breakout towards retesting its all-time high (ATH). The large-cap altcoin, with a fully diluted valuation of about $25 billion, remains one of the most sought-after meme coins, with a daily average trading volume of about $653 million as of this writing.&nbsp;</p> 
<p>However, the <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/">Shiba Inu price</a> against the US dollar has experienced a mild resistance level of around $0.000029 in the past eight weeks. As a result, swing traders have shifted their focus to more volatile meme coins, such as politically inspired projects like MAGA.</p> 
<h2 class="wp-block-heading" id="h-shiba-inu-consolidation-before-bullish-breakout-nbsp">Shiba Inu Consolidation Before Bullish Breakout&nbsp;</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/ShibaInu?src=hash&amp;ref_src=twsrc%5Etfw">#ShibaInu</a> | Over 4 trillion <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> have been sent to <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> exchanges in the last two weeks, worth around $103 million! <a href="https://t.co/dqVGW3LzuA">pic.twitter.com/dqVGW3LzuA</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1796477469022728661?ref_src=twsrc%5Etfw">May 31, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to on-chain data analysis provided by Glassnode, more than 4 trillion SHIB, worth more than $103 million, have been deposited to different cryptocurrency exchanges in preparation for profit-taking during the past two weeks. Last week, Shiba Inu’s price against the US dollar indicated that buyers were struggling to pump the meme coin, a case that has been replicated this week.</p> 
<p>As a result, Shiba Inu’s price could retest the recently established correction bottom of around $0.000018 before rallying towards $0.000080, which coincides with the weekly 1.618 Fibonacci Extension.</p> 
<h2 class="wp-block-heading" id="h-favoring-ecosystem-growth">Favoring Ecosystem Growth</h2> 
<p>The Shiba Inu ecosystem has significantly benefited from the notable developments in its layer two scaling solution, Shibarium. As of this report, Shibarium had a total value of about $2.4 million, with top DeFi platforms such as WoofSwap, ChewySwap, DogSwap, and MARSWAP, among others.</p> 
<p>In the recent Shibarium developments, the Shiba Inu development team announced that the time required to bridge BONE tokens via the Ethereum bridge has been reduced from seven days to 45 minutes.&nbsp;</p> 
<p>Also Read : <a href="https://coinpedia.org/price-analysis/memecoins-tumbling-down-floki-pepe-plunge-heavily-whats-next/">Memecoins Tumbling Down, FLOKI, &amp; Pepe Plunge Heavily: What’s Next?</a></p>

Shiba Inu (SHIB) Gears Up for Major Bullish Breakout: Here’s Why

Table of Contents

CoinPedia News

Other articles published on Jun 1, 2024

Litecoin leads Cardano 12x on THIS front – What’s happening?

BlockDAG’s Tokyo Showcase Skyrockets Presale Selling Over 10.3 Billion Coins, Surpassing BNB and ...

Trump Meow (TRUMPMEO) Coin Will Surge 13,000% Ahead of KuCoin Listing, While Shiba Inu, Bonk and ...

Ethereum Shows Strong Performance Against Bitcoin

Biden Vetoes Congress’ Pro-Crypto Resolution, Supports SEC Stance

Joe Biden has vetoed bill aimed at overturning SEC crypto accounting standards

Join our free newsletter for daily crypto updates!