Leading Ethereum (ETH)-based meme coin, Shiba Inu (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. However, the Shiba Inu price 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. Shiba Inu Consolidation Before Bullish Breakout
#ShibaInu | Over 4 trillion $SHIB have been sent to #crypto exchanges in the last two weeks, worth around $103 million! pic.twitter.com/dqVGW3LzuA
— Ali (@ali_charts) May 31, 2024
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.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. Favoring Ecosystem GrowthThe 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.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. More By This Author:Polkadot Community Ratifies JAM As Next Major Protocol Evolution – Can it Drive DOT Price To $10?XRP Nears $30 Billion Market Cap: Will It Break Through?Uniswap Challenges SEC: Tokens Not Securities, Says Chief Legal Officer
