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.

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.