Memecoins
Shiba Inu (SHIB) Reigns as Meme Coin Champion in the Ethereum Ecosystem
Shiba Inu (SHIB) has remained the undisputed champion of meme coins in the Ethereum (ETH) ecosystem amidst the remarkable emergence of new meme projects. The mega-cap meme coin, with a fully diluted valuation of around $17 billion and an average daily trade volume of around $156 million, boasts nearly 1.4 million on-chain holders.
The Shiba Inu’s impressive early performance, remarkable network development, and support from Ethereum co-founder Vitalik Buterin have helped the meme coin stay relevant during the cryptocurrency bear market.
Shiba Inu Developments
The first-rate dog-themed meme coin has benefited significantly from the remarkable development of Shibarium’s layer-two ecosystems. At the time of this report, Shibarium had a dozen web3 projects that had locked up about $1.6 million on the network.
The significant adoption of Shibarium has helped increase the consumption of SHIB on-chain, which ultimately increases the value of existing tokens.
Widespread adoption
The ongoing mass adoption of meme coins has helped Shiba Inu attract more institutional investors looking to diversify their cryptocurrency portfolios. In the latest update, Kronos Advanced Technologies Inc. (US OTC: KNOS), a leading innovator in FDA-approved air purification solutions, announced that its customers can now use Shiba Inu as a means of payment.
According to Greg Rubin, CEO of Kronos, the decision to integrate Shiba Inu for payments will help the company meet the growing demand for alternative payment options. In the meantime, Kronos customers who use Shiba Inu for payments will receive a 10 percent discount on their order with the coupon code “SHIBARMY10.”
Medium-term expectations
Shiba Inu price has been on an upward trajectory since the beginning of the year after a successful bullish breakout from the 2022 cryptocurrency bear market. In the medium term, Shiba Inu price against the US Dollar is likely to continue to decline to retest the rising macro logarithmic trend.
From a technical point of view, the Shiba Inu price could find solid support between the 0.5 and 0.618 weekly Fibonacci extension.