The post Why is Shiba Inu Up Today? : Key Factors Behind the Recent Price Spike appeared first on Coinpedia Fintech News
After being trapped in a horizontal consolidation between $0.000015 and $0.000012 since early August, Shiba Inu (SHIB), the second-largest meme coin by market cap, broke out of the liquidity zone. The large-cap meme coin, with a deep liquidity of over $7 million, registered a 13 percent spike in the past 24 hours to trade about $0.00001716 on Thursday during the early New York session.
With the daily Relative Strength Index (RSI) above the 70 percent level, it is safe to assume that the Shiba Inu bulls are back in control after six months of choppy markets.
Major Factors that Contributed to the Shiba Inu Spike Today
Shibarium TVL Growth
Shibarium TVL Reaches New Highs: One Week After #Bonecrusher LaunchIn just one week since the launch of the #Bonecrusher, Shibarium has seen its Total Value Locked (TVL) reach an impressive $3.64 million. This milestone reflects the communityâs active participation and interest⊠pic.twitter.com/s0TJ9gGeHc
â đđđđđ (@LucieSHIB) September 26, 2024
In just one week since the launch of the Bonecrusher, Shibarium, the Shiba Inuâs layer two scaling solution based on the Ethereum network, saw its Total Value Locked (TVL) rise to about $3.64 million earlier today. Â
âAs Shibarium continues to develop, this weekâs performance lays promising groundwork for future progress. The communityâs involvement will be crucial as the platform evolves in the decentralized finance space,â
Lucie, Shiba Inuâs lead marketer, noted.
Some of the best-performing DeFi projects on the Shibarium network include WoofSwap, MarSwap, and ChewySwap, among others.
Launch of SHI Stablecoins
The SHI Stablecoin: A Key Development for Stability and Utility in the Shibarium Ecosystem The SHI stablecoin is a crucial development within the Shib ecosystem, currently in the works and not yet released. Its introduction is expected to significantly enhance the Shibarium⊠pic.twitter.com/UyrJgnYR45
â đđđđđ (@LucieSHIB) September 26, 2024
 In a bid to improve liquidity among other utilities in the Shiba Inu ecosystem, the core developers, led by Ryoshi, intend to launch stablecoin soon. The launch of the SHI stablecoins will place the Shiba Inu meme coin ahead of its competitors and upgrade its credibility among investors.
âAs development progresses, SHI is set to enhance the Shib ecosystemâs capabilities, providing a reliable framework for decentralized finance and contributing to a more resilient financial landscape,â
the team noted.
Launch of Shibdentity
Shibdentity: A New Era of Digital Identity in the SHIB EcosystemIn collaboration with @D3inc, Shibdentity has been introduced as an innovative solution for digital identity management within the SHIB ecosystem. Although it is not integrated yet, Shibdentity aims to empower⊠pic.twitter.com/Oz7FI0irAM
â đđđđđ (@LucieSHIB) September 25, 2024
The Shiba Inu developers announced the launch of the Shibdentity in collaboration with D3 to enhance the mainstream adoption of its DeFi protocols. Although it is not integrated yet, Shibdentity aims to empower users by providing greater control over their online identities and assets, making it easier to manage their presence across decentralized networks.
Network Growth and Favoring Market Outlook
As the largest meme coin on the Ethereum network, Shiba Inu has attracted over 1.4 million holders. With its deep DeFi liquidity, Shiba Inu has attracted more institutional investors seeking to diversify their crypto portfolio.Â
Amid the rising hype for the October effect in the crypto industry, Shiba Inu price followed its leader Dogecoin and Bitcoin in a bullish breakout.
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