SHIB is about to usher in a strong rise: the latest trends revealed
As a highly anticipated meme coin on ETH, SHIB is standing at the starting point of a new round of strong rise, aiming directly at its historical high ATH. With a market value approaching $25 billion and daily trading volume stabilizing at around $653 million, SHIB still maintains a considerable appeal among meme coin enthusiasts.
Over the past eight weeks, SHIB has always been unable to break through the resistance level of 0.000029 when facing the US dollar. This dilemma has caused many swing traders to turn to more volatile meme coins, including those with political overtones such as MAGA.
Solid accumulation before SHIB rises
According to Glassnode's on-chain data analysis, more than 4 trillion SHIB tokens worth about $103 million have been transferred to major cryptocurrency exchanges in the past two weeks. This trend suggests that market participants are preparing for profit realization. Despite these inflows, SHIB's price has struggled to gain upward momentum, reflecting a generally cautious attitude among buyers in the market.
In this context, SHIB's price may retest its low of 0.000018 in the near term before it can sprint to 0.000080. This target coincides with the 1.618 Fibonacci extension level at the weekly level, indicating that SHIB has great upside potential.
Development and Growth of the Ecosystem
The SHIB ecosystem has also made significant progress recently, especially its second-layer expansion solution Shibarium. Shibarium's total locked value TVL has reached approximately $2.4 million, supported by key DeFi platforms such as WoofSwap, ChewySwap, DogSwap and MARSWAP.
The SHIB development team recently released an important update that significantly improved the efficiency of the Ethereum cross-chain bridge for BONE tokens. The cross-chain time was significantly reduced from the original seven days to only 45 minutes, which fully demonstrated the development team's firm commitment to improving the efficiency of the platform. This improvement not only improves the user experience, but also injects new vitality into the entire SHIB ecosystem.
As SHIB is about to usher in a new round of strong growth, we look forward to it creating more glory in the future.
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