Shiba Inu (SHIB) Breaks Resistance and Becomes Top Trending Memecoin

Shiba Inu (SHIB) Breaks Resistance And Becomes Top Trending Memecoin

The popular memecurrency Shiba Inu (SHIB) had an intense fight with the bears of the crypto market to secure its all-year support line of $0.00001. With Cardano (ADA), Bitcoin (BTC) and Dogecoin (DOGE) leading the rebound rally, SHIB is also going in the right direction again.

SHIB Is Trending on Major Exchanges

A trustworthy indicator for bullish sentiment is the trending pages on major crypto exchanges. According to crypto influencer Lucie Sasinkova, SHIB managed to become the top trending memecurrency on CoinMarketCap. At the time of publication, SHIB only trails Ethereum (ETH), PancakeSwap (CAKE) and Solana (SOL) in the altcoin rebound race.

On top of that, the most popular American crypto exchange, Coinbase, has recorded a 211% increase in SHIB’s trading volume in the last 24 hours. Besides, 91 out of 100 Coinbase users tend to buy the popular Japanese dog themed coin and only nine out of the 100 choose to sell.

SHIB Defies the Crypto Thunderstorm

At press time, the SHIB Army’s beloved canine token is priced at $0.00001044, according to CoinGecko. Ranked #14, the popular meme token recorded 5% gains in the last 24 hours. Despite a prolonged crypto winter, SHIB is also back in the green in weekly terms with a 2.6% increase.

However, part of the reason for SHIB’s hardships this crypto winter might be the delay in Shibarium’s launch. Firstly, the Layer-2 solution was scheduled for an early October release. However, the potential launch date revealed by the xFund developers didn’t happen and soldiers of the SHIB Army are speculating when to expect the crucial upgrade for their ecosystem.

On the Flipside

  • Part of the SHIB Army distrusts xFUND, which is responsible for Shibarium’s launch.
  • According to tweets by popular SHIB influencers, the SHIB Army has to “be careful”, as the xFUND token has nothing to do with SHIB.

Why You Should Care

The cryptocurrency that began as a joke has huge potential to become a self-sufficient decentralized system.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.