Shiba Inu’s price continues to perform exceptionally, outpacing Dogecoin’s 7-day growth. SHIB broke above the $ 0.00001300 level, rising more than 26% this week, compared to Dogecoin’s 23% rally over the past seven days.
The growth of the SHIB ecosystem continues to excite investors and traders as the cryptocurrency surpassed $ 1 billion in trading volume in the past 24 hours, signaling huge potential for further gains.
The Shiba Inu ecosystem continues to grow
Shiba Inu remains a popular and highly traded cryptocurrency, even surpassing reputable ecosystems and projects like Tron and Litecoin in terms of market capitalization.
Shiba Inu’s current market cap of $ 7 billion and recent price hike place the cryptocurrency as the 15th highest-value token by cap, after Avalanche (AVAX).
Furthermore, considering the volume of trading in the 24 hours, Shiba Inu is the thirteenth most traded digital asset, followed by Chainlink (LINK) and Dogecoin (DOGE).
Additionally, Shiba Inu’s 24-hour trading volume has increased by more than 18% in the past 24 hours, indicating strong price growth potential and further market momentum for the meme token.
One of the reasons for Shiba Inu’s spectacular price performance, in addition to Bitcoin and Ethereum showing significant price growth, is the evolution of Shibarium, a Tier 2 solution that seeks to provide a scalable solution for the Tier 1 blockchain. .
A unique feature of Shibarium that has interested investors is its self-burning feature, which will slowly reduce Shiba Inu’s outstanding supply, thereby pushing the price of each SHIB token higher. The community behind Shiba Inu, which goes by the name SHIBARMY, is a huge fan of the Shiba Inu token burning, which builds investor confidence and positive market momentum for SHIB’s price.
Shibarium is just one piece of the puzzle, as Shiba Inu lead developer Shytoshi Kusama pointed out on Twitter:
For those who ask, I’ll tweet about Shib … Tweet about Shib & Leash & Bone & Treat & Shiboshis & Shibarium & Shi & Welly & John Richmond &! If you just want news about Shib, try following our main Shib account.@Shibtoken ! (But they do the same.) We are an ecosystem and a community!
—Shytoshi Kusama ™ (@ShytoshiKusama) July 20, 2022
Shiba Inu price prediction and analysis
With the continued growth of Bitcoin and Ethereum, Shiba Inu’s price is likely to continue to rise above the $ 0.00001300 level. Currently trading at $ 0.00001297, SHIB recently broke its two-month high, signaling substantial potential for the current bull run.
Shiba Inu is likely to attempt to establish strong support at the $ 0.00001300 level before attempting another rally to $ 0.00002000. The next few days will be vital for the growth of Shiba Inu, and as long as Ethereum continues to grow, so will SHIB.
Looking at the one-year chart, we see that an important level for Shiba Inu is the $ 0.00002000 range, which it has held for several months. If SHIB manages to break through this range, we are likely to see a significant increase in trading volume.
Remember, for SHIB to reach $ 0.00002000, the price must rise by another 47%, a fairly substantial increase that will likely take several days of bullish momentum.
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