CoinDesk Report:
Amid a flood of emerging new projects, Shiba Inu (SHIB) remains the undisputed meme coin champion within the Ethereum (ETH) ecosystem. The fully diluted market valuation of this high-market-cap meme coin stands around $17 billion, with a daily trading volume of approximately $156 million and nearly 1.4 million on-chain holders.
Impressive initial performance, significant network development, and support from Ethereum co-founder Vitalik Buterin have helped this meme coin maintain relevance throughout the cryptocurrency bear market.
Shiba Inu’s Growth:
Benefiting from significant developments in the Shibarium Layer 2 ecosystem, this top dog-themed meme coin hosts over a dozen web3 projects, currently locking in around $1.6 million on-chain.
Noteworthy adoption of Shibarium aids in increasing SHIB’s on-chain burns, ultimately enhancing the value of existing tokens.
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Mainstream Adoption:
Continued widespread adoption of meme coins has attracted institutional investors seeking diversified cryptocurrency portfolios to Shiba Inu. In recent news, leading innovator in FDA-approved air purification solutions, Kronos Advanced Technologies Inc. (US OTC: KNOS), announced that its customers can now utilize Shiba Inu as a payment method.
Greg Rubin, CEO of Kronos, stated that integrating Shiba Inu’s payment functionality will help the company meet the growing demand for alternative payment methods. Additionally, Kronos customers using Shiba Inu for payments will receive a 10% discount on orders with the coupon code “SHIBARMY10.”
Mid-term Outlook:
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Following a successful breakthrough in the 2022 cryptocurrency bear market, Shiba Inu’s price has remained on an upward trajectory this year. In the mid-term, the price of Shiba Inu against the dollar may continue to decline to retest the rising macro logarithmic trend.
Technically, Shiba Inu’s price may find strong support between the 0.5 and 0.618 weekly Fibonacci extensions.
