Shiba

bullish

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Shiba Inu

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<p>The price of Shiba Inu (SHIB) has surged over 15% in just one day, marking a significant rise that the meme coin has not experienced in a considerable time. This bullish trend follows an extended period of sideways trading that began in early August.</p>
<h2 class="wp-block-heading" id="the-main-triggers-behind-the-price-increase">The Main Triggers Behind the Price Increase</h2>
<p>The sudden price surge is attributed to a combination of technical and on-chain metrics.</p>
<h3 class="wp-block-heading" id="major-breakout-from-descending-channel">Major Breakout from Descending Channel</h3>
<p><a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Recent Shiba Inu price action</a> indicates that a key factor in the price increase is a breakout from a descending channel that has constrained SHIB’s price since March. In this channel, the upper boundary has consistently acted as a resistance level, preventing any substantial price growth.</p>
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<p>However, <a class="wpil_keyword_link" href="https://captainaltcoin.com/shiba-inu-price-prediction/" title="SHIB" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">SHIB</a> managed to break free from this resistance zone recently, generating substantial bullish momentum. There is potential for some price retracement as the market tests these previously resistant levels, which may now serve as new support.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/chainlink-holds-above-key-level-expert-predicts-rally-if-20-mark-breaks-can-link-price-hit-150/" target="_blank" rel="noopener noreferrer nofollow">Chainlink Holds Above Key Level, Expert Predicts Rally If $20 Mark Breaks: Can LINK Price Hit $150+?</a></em></strong></p>
<h3 class="wp-block-heading" id="positive-fundamental-and-on-chain-metrics">Positive Fundamental and On-chain Metrics</h3>
<p>Lucie, the Marketing Lead at Shiba Inu, shared insights into the positive developments surrounding the Shiba Inu ecosystem. Just one week following the launch of the #Bonecrusher, Shibarium has achieved a remarkable Total Value Locked (TVL) of $3.64 million.</p>
<p>This achievement reflects the community’s robust participation and enthusiasm for the platform. The key figures from this past week include:</p>
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   <p lang="en" dir="ltr">Shibarium TVL Reaches New Highs: One Week After <a href="https://twitter.com/hashtag/Bonecrusher?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bonecrusher</a> Launch<br><br>In just one week since the launch of the <a href="https://twitter.com/hashtag/Bonecrusher?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bonecrusher</a>, Shibarium has seen its Total Value Locked (TVL) reach an impressive $3.64 million. This milestone reflects the community’s active participation and interest… <a href="https://t.co/s0TJ9gGeHc" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/s0TJ9gGeHc</a></p>— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) <a href="https://twitter.com/LucieSHIB/status/1839209913270116733?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 26, 2024</a>
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<ul class="wp-block-list">
 <li>Total TVL: $3.64 million</li>
 <li>KNINE Bridged: 93.7 billion KNINE tokens have been bridged to Shibarium, indicating strong liquidity.</li>
 <li>KNINE Locked/Staked: 77.8 billion KNINE tokens are locked or staked, showcasing user confidence.</li>
 <li>Average Lock Time: The average lock time for these tokens is 10.32 months, suggesting long-term commitment among users.</li>
 <li>$BONE Liquid Staked: Approximately 2.6 million $BONE tokens have been liquid staked, enhancing platform liquidity.</li>
 <li>Validator Status: Shibarium has become the second-largest validator, demonstrating solid support within the network.</li>
</ul>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/toncoin-ton-price-looks-promising-as-indicators-signal-imminent-short-term-rally-heres-the-outlook/" target="_blank" rel="noopener noreferrer nofollow">Toncoin (TON) Price Looks Promising as Indicators Signal Imminent Short-Term Rally: Here’s the Outlook</a></em></strong></p>
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<p>This growth is particularly noteworthy following the Shibarium Mainnet launch, highlighting a positive reception from the community. The data indicates that users are actively engaging with the platform, showing keen interest in its offerings.</p>
<p>The recent performance sets a promising foundation for future advancements, with community involvement being crucial for the platform’s evolution in the decentralized finance space.</p>
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<p>The post <a href="https://captainaltcoin.com/heres-why-shiba-inu-shib-meme-coin-price-is-pumping/" rel="noopener noreferrer nofollow">Here’s Why Shiba Inu (SHIB) Meme Coin Price Is Pumping</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Here’s Why Shiba Inu (SHIB) Meme Coin Price Is Pumping

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