Shiba Inu bulls watch for reaction in SHIB price as total value locked in ShibaSwap doubles


  • Shiba Inu bulls pushed the meme coin’s price higher as the total value locked on ShibaSwap doubled since November.
  • SHIB and BONE prices increased nearly 30% over the past week as Shiba Inu holders and community members await the launch of layer-2 scaling solution Shibarium. 
  • Multiple developments in the Shiba Inu ecosystem and spike in burn rate have fueled a bullish narrative among SHIB holders. 

Shiba Inu ecosystem witnessed a slew of positive developments with the launch of layer-2 scaling solution Shibarium’s beta, rising total value locked in ShibaSwap and skyrocketing SHIB burn rate. 

Also read: Will Bitcoin bulls remain in control of BTC price after another volatility-filled week?

Shiba Inu ecosystem’s DeFi platform ShibaSwap’s TVL has doubled

ShibaSwap, a DeFi platform featuring a decentralized exchange (DEX) and passive income-generating services like staking, liquidity pools and yield farming in its ecosystem. The total value locked on ShibaSwap has nearly doubled since November. 

ShibaSwap TVL

ShibaSwap TVL

The TVL of ShibaSwap has more than doubled, as seen in the chart above increasing from $17 million to $36.5 million. There have been multiple developments in the ecosystem. The DeFi platform has witnessed a massive boost in its TVL since November 2022. 

The prices of Shiba Inu ecosystem’s tokens BONE and SHIB have increased more than 30% in the past week. While SHIB Army members await the launch of layer-2 scaling solution Shibarium, the meme coin’s price has skyrocketed 23.6% within a seven-day period from January 31, 2023. 

Shiba Inu bulls gear up to push SHIB higher, anticipating Shibarium launch

Shiba Inu price is in an uptrend since the beginning of 2023. The meme coin’s price climbed consistently, after temporarily trading sideways in the last two weeks of January. As seen in the chart below, the support zone for SHIB begins at $0.00001274 and $0.00001087. 

The meme coin’s price is in an ascending parallel channel and the price attempted to breakout of the upper trend line recently, hitting the bullish target of $0.00001576. The 38.2% Fibonacci retracement level at $0.00001280 is a key support for the Dogecoin-killer token. 

SHIB/USDT price chart

SHIB/USDT price chart 

Relative Strength Index (RSI), a momentum indicator reveals a bearish divergence and dropped close to the neutral level at 54.02. Shiba Inu’s recent uptrend lacks underlying strength, however bulls could push the meme coin higher if SHIB sustains above $0.00001393. 

A drop below the 38.2% Fibonacci retracement level, or a close below the lower trendline could invalidate the bullish thesis for Shiba Inu. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP