ShibaInu (SHIB) remains the undisputed champion meme coin in the Ethereum (ETH) ecosystem amid a flurry of new projects like it. The large meme coin boasts a fully diluted valuation of approximately $17B, average daily trading volume of approximately $156M, and approximately 1.4M on-chain holders.
Shiba Inu’s impressive initial performance, notable network development, and the support of Ethereum co-founder Vitalik Buterin have helped the meme coin maintain its presence throughout the crypto bear market.
The development of the Shiba Inu
The leading dog-themed meme coin has benefited greatly from the notable developments in the Shibarium Layer 2 ecosystem. At the time of this report, Shibarium is home to 12 Web3 projects with approximately $1.6 million locked on the network.
Notable Shibarium adoption led to increased SHIB on-chain burns, ultimately increasing the value of existing tokens.
Mainstream Adoption
The continued mass adoption of the meme coin has allowed Shiba Inu to attract more institutional investors looking to diversify their cryptocurrency portfolios. In its latest update, Kronos Advanced Technologies Inc. (US OTC: KNOS), a leading innovator of FDA-approved air purification solutions, announced that its customers can now use Shiba Inu as a form of payment.
According to Cronos CEO Greg Rubin, the decision to introduce Shiba Inu for payments helps the company meet the growing demand for alternative payment options. Meanwhile, Cronos customers who use Shiba Inu for payments can get 10 percent off their orders with coupon code “SHIBARMY10.”
Interim forecast
Shiba Inu price has been trending higher since the start of the year, following a successful bullish breakout from the crypto bear market of 2022. In the medium term, Shiba Inu price against the US Dollar may continue to decline to retest the ascending macro logarithmic trend.
From a technical perspective, Shiba Inu price is likely to find solid support between the weekly Fibonacci extensions of 0.5 and 0.618.
