Shiba Inu Coin has been one of the most dominant meme coins in the cryptocurrency market so far during 2024. After the approval of the spot Bitcoin ETF and the key update of Shibarium, SHIB has been shining in the market until recently when it slowed down and returned to normal.

Despite a slight drop in the past 24 hours, Shiba Inu is still up 4% in the past seven days and nearly 12% since the beginning of May. Its market cap has also climbed over the past month and is now close to $15 billion. With hype around dog-themed currencies reaching all-time highs, SHIB price predictions are bullish.

Leading Ethereum (ETH) memecoin Shiba Inu (SHIB) has been preparing for the second stage of a macro bullish breakout to retest its all-time highs (ATH). With a fully diluted valuation of around $25 billion, the large-cap altcoin remains one of the most sought-after memecoins with an average daily trading volume of around $653 million as of this writing.

However, the Shiba Inu price has experienced mild resistance at around $0.000029 against the U.S. dollar over the past eight weeks. As a result, swing traders have shifted their attention to more volatile meme coins, such as politically inspired projects like MAGA.


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Shiba Inu consolidating before bullish breakout

According to on-chain data analysis provided by Glassnode, more than 4 trillion SHIB (worth more than $103 million) has been deposited in different cryptocurrency exchanges in the past two weeks, ready for profit taking. Last week, the price of Shiba Inu against the US dollar showed that buyers were having difficulty pushing the meme coin higher, and this situation has reappeared this week.

Therefore, the Shiba Inu price could retest the recently established correction bottom around $0.000018 before bouncing back to $0.000080, which coincides with the weekly 1.618 Fibonacci Extension.

Conducive to ecosystem growth

The Shiba Inu ecosystem has benefited greatly from the significant growth of its second-tier scaling solution, Shibarium. As of this report, Shibarium’s total value is approximately $2.4 million, which includes top DeFi platforms such as WoofSwap, ChewySwap, DogSwap, and MARSWAP.

In a recent Shibarium development, the Shiba Inu development team announced that the time required to bridge BONE tokens via Ethereum has been reduced from 7 days to 45 minutes.

Analysts point out that a positive triangle has recently appeared on the SHIB chart, indicating a continued rise in price. SHIB price is currently in an ascending triangle and is almost at the end. Usually, ascending triangles indicate investor interest and accumulation. If the market structure remains unchanged, Shiba Inu could see an upside breakout and rise 32% to around $0.000036.

At press time, Shiba Inu is trading at $0.00002539. The coin is trading well above average on the Simple Moving Average (SMA) chart, indicating a bullish signal. Despite the price hype, trading volume has dropped by 40% in the past 24 hours. A simultaneous climb in trading volume and price is usually the best indicator of an upcoming bull run, but despite the drop in trading volume, investors remain generally bullish on the SHIB cryptocurrency.

Coinbase Futures recently announced support for SHIB perpetual futures, with trading set to begin on May 30, 2024. Moreover, Shibarium expects more updates in the coming weeks, including potential airdrops, which will fuel the hype. Therefore, it is certainly possible for the Shiba Inu token to reach a high price of $0.0001 in the near future.