Shiba Inu (SHIB) Prepares for Significant Bullish Surge: Here's the Latest🤯📈

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Shiba Inu (SHIB), a prominent Ethereum (ETH)-based meme coin, is on the cusp of a major bullish breakout, aiming to retest its all-time high (ATH). With a market cap nearing $25 billion and a daily trading volume around $653 million, Shiba Inu continues to be a popular choice among meme coin enthusiasts.

However, SHIB has faced resistance around $0.000029 against the US dollar over the past eight weeks. This resistance has led swing traders to pivot towards more volatile meme coins, including politically themed ones like MAGA.

Shiba Inu's Consolidation Phase Before a Bullish Rally

According to Glassnode's on-chain data, over 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to various cryptocurrency exchanges in the last two weeks. This move indicates a preparation for profit-taking. Despite these deposits, SHIB's price has struggled to gain upward momentum, reflecting a broader hesitation among buyers.

In light of this, SHIB's price might revisit its recent low of around $0.000018 before potentially surging to $0.000080. This target aligns with the weekly 1.618 Fibonacci Extension, suggesting a significant potential upswing.

Ecosystem Developments and Growth

The Shiba Inu ecosystem has seen substantial growth, particularly with its layer two scaling solution, Shibarium. Shibarium's total value locked (TVL) stands at approximately $2.4 million, supported by key DeFi platforms like WoofSwap, ChewySwap, DogSwap, and MARSWAP.

A recent update from the Shiba Inu development team highlighted a significant improvement in the Ethereum bridge for BONE tokens. The bridging time has been drastically reduced from seven days to just 45 minutes, showcasing the team's commitment to enhancing the platform's efficiency.
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