Key Takeaways:
- Shiba Inu price set for a possible breakout after hitting lowest price level in Dec.
- Shiba Inu holders exceed 1 million with 1,000 holding 9% of the total supply.
- Shibarium Layer 2 scaling solution to land meme coin in the metaverse.
Nigeria(CoinChapter): For the past weeks, the popular meme coin Shiba Inu price had been on a steady pullback with little sign of any reversal. As Shiba Inu developers work on Shibarium solution as the price set for a breakout.
At the time of writing, Shiba Inu ranks as the 13 largest cryptocurrency trading in the red zone at $0.0000326, a -1.3% decrease in its price.
Since the market crash early in the month, the meme coin has continued to beat previous low prices seeing it bottom again at $0.0000295, its lowest price in December. Technical indicators show a bullish prospect for the meme coin with the formation of a base of Shiba Inu drops to $0.0000295 again.
It may set a triple bottom around that level or which will result in a reversal of the downtrend. SHIB will likely retest the $0.0000380 resistance barrier and collect the liquidity resting above it in such a case.
A 30 percent increase from $0.0000295 would occur and if the bullish sentiment continues, Shiba Inu’s price could extend to $0.0000411 and $0.0000442.
Over 1 million investors now hold Shiba
The meme coin now has a record of about 1,075,000 holders. The surge in the number of Shiba Inu investors is a result of the astonishing returns early investors have seen on the coin. According to CoinGecko data, Shiba Inu is up 52,342172.7% from Nov. 28 all-time lows of $0.000000000056.
This impressive rise within a space of nearly 12 months is one reason for its many investors.
However, around 1,000 meme coin holders are Ethereum whales and they have accumulated nearly 48 billion SHIB tokens. According to data by WhaleStats, the number represents nearly 0.09% of the total 1,075,033 holders. Given that they currently hold 48,098,038,767,872 SHIB, this represents nearly 9% of the 549,150,741,363,587 circulating supply.
According to CoinGecko, Shiba Inu has a circulating supply of 549,150,741,363,587 and an initial supply of 1 quadrillion.
‘Shibarium,’ landing Shiba Inu in the metaverse
Reportedly, developers of the meme coin are working on a layer 2 scaling solution which would eventually land the meme coin in the metaverse space.
The layer 2 scaling solution called Shibarium is still in its early stage. However, developers appear keen on the solution.
According to the developers, Shibarium will be used in place of the ETH 2.0 upgrade that will arrive next year. Using a layer 2 scaling solution would greatly drop the fees of the network, though what it stands to gain as a meme coin remains to be seen.
However, one potential benefit of a scaling solution is the metaverse. It would require a reliable scaling solution to reduce fees and ensure fast transactions in a use case that sees heavy activity.
