YEREVAN (CoinChapter.com) — Shiba Inu (SHIB) remains the leading meme coin in the Ethereum (ETH) ecosystem, even as new projects emerge. With a fully diluted valuation of about $17 billion and an average daily trading volume of around $156 million, SHIB has nearly 1.4 million on-chain holders.
SHIB’s initial success and network development have been significant. Support from Ethereum’s co-founder Vitalik Buterin has helped keep SHIB relevant throughout the crypto bear market.
Shibarium Boosts SHIB Value with $1.6M in Locked Projects
The Shibarium layer two ecosystem has played a major role in SHIB’s progress. As of this report, the Shibarium ecosystem includes a dozen web3 projects with about $1.6 million locked in the network. This development has increased SHIB’s on-chain burn rate, raising the value of existing tokens.
Shibarium’s adoption has provided a platform for various projects, leading to a rise in the SHIB burn rate.
Shiba Inu Gains Institutional Investors as Kronos Accepts SHIB Payments
The broad adoption of meme coins has helped Shiba Inu attract more institutional investors. Kronos Advanced Technologies Inc. (US OTC: KNOS) announced that customers can now use Shib for payments. According to Greg Rubin, CEO of Kronos, integrating SHIB as a payment option meets the growing demand for alternative payment methods.
Greg Rubin, CEO of Kronos, stated that integrating Shiba Inu for payments will meet the growing demand for alternative payment options. Kronos customers using Shiba Inu will receive a 10 percent discount on their orders with the coupon code “SHIBARMY10.”
Upward Trend Continues with Strong Fibonacci Support
Shiba Inu’s price has been on an upward trend year-to-date, following a successful breakout from the 2022 crypto bear market. From a technical standpoint, SHIB’s price could find support between the 0.5 and 0.618 weekly Fibonacci Extension.
This analysis suggests that SHIB’s price might continue to rise in the midterm.
