The Shiba Inu Ecosystem Hits New Milestones in TVL and User Activity

Technical indicators and on-chain data support a bullish forecast for SHIB, a Shiba Inu native token.

Shibarium, the Layer-2 scaling solution for the Shiba Inu ecosystem, rapidly exceeds the crypto market’s expectations. According to DeFiLlama data, Shibarium’s remarkable growth is evident in its over $8 million Total Value Locked (TVL), solidifying the network’s position as a critical player in decentralized finance (DeFi).

Shibarium’s Record-Breaking Performance

The network’s significant growth demonstrates its growing usefulness and boosts investor confidence in its long-term potential. Moreover, the top platforms in the Shibarium ecosystem exhibit stability.

K9 Finance DAO, a cross-chain liquid staking platform, is the top performer with $3.57 million in TVL, a 20.01% increase over the previous month. ShibaSwap, a decentralized exchange (DEX) that spans two chains, comes in second with $3.03 million in TVL, a monthly growth of 28.28%.

WoofSwap, a single-chain DEX, contributed $887,662 in TVL, achieving a 28.82% rise last month. Also, ChewySwap, another two-chain DEX, contributed $508,262 in TVL after recording a 6.48% gain over the past thirty days.

In addition, Shibarium has maintained its effectiveness, which is evident in its developmental initiatives. The network’s scalability and dependability are apparent in its average block time of 21.7 seconds for transaction processing.

The network’s increasing number of users is evident in the millions of daily transactions and the sharp increase in active accounts, which went from 2,284 to 12,041 in three weeks.

Is Shiba Inu Poised for a Bull Run?

Shiba Inu (SHIB), the second-largest meme-themed token by market capitalization, looks poised for an upward trajectory following Shibarium’s new milestones. Significant activity from whales and institutional investors suggests a possible rally after almost ten days of market consolidation.

Large holders’ or whale purchases of 1.67 trillion SHIB tokens indicate growing optimism about the coin’s future. According to IntoTheBlock’s on-chain analytics, the volume of whale transactions has increased by 98%, which lends credence to the coin’s bullish momentum.

A breakout from a descending triangle formation on the 4-hour chart strengthens the argument for a price rally. If it closes a four-hour candle above $0.000025, experts predict that SHIB’s price could increase by up to 45%, hitting the $0.0000365 mark.

On-Chain Metrics Signal Strong Bullish Momentum

Furthermore, technical indicators and on-chain data support a bullish forecast for Shiba Inu. On the four-hour and daily charts, SHIB trades above the 200 Exponential Moving Average (EMA), indicating a well-established uptrend.

Its Relative Strength Index (RSI) also signals an upward momentum. Additionally, SHIB’s open interest (OI) has skyrocketed, suggesting a growth in trader engagement.

The OI increased by 4.95% during the last four hours and another 2.15% an hour later. SHIB’s long/short ratio on Binance is 3.50, meaning that 77.8% of top traders hold long positions, indicating the market’s strong confidence in the asset.

Increased investor interest also reflects the spike in trading activity.

SHIB Investors’ Desires

Nevertheless, many SHIB investors are asking the ecosystem’s development team to implement plans that could lead to a substantial price appreciation for SHIB, like it’s happening with many other cryptocurrency assets, especially Bitcoin. These requests reflect the SHIB community’s notable expectations about the meme coin.

Some even urged Shiba Inu project head Shytoshi Kusama to “send SHIB to the moon.” In response to these appeals, Kusama referenced the ecosystem’s noteworthy accomplishments.

He stated that SHIB and multi-chain stablecoins are the most popular ERC-20 tokens on the Ethereum network. This acknowledgment highlights SHIB’s worth and strength within the Ethereum network.

Another SHIB developer, Kaal Dhairya, echoed Kusama’s comments. He added that SHIB is the most popular ERC-20 token besides USDT and USDC, which function on different blockchains.

Future Outlook for Shiba Inu

Shibarium and SHIB’s combined accomplishments demonstrate the Shiba Inu ecosystem’s increasing influence in the blockchain sector. It is becoming indisputable as it keeps raising the bar with its DeFi platforms, effectiveness, and user involvement.

The Shiba Inu network continues its rapid rise in the cryptocurrency industry, with its Layer-2 solution spearheading DeFi innovation as the meme coin gains more traction.