The price of Shiba Inu (SHIB) has surged over 15% in just one day, marking a significant rise that the meme coin has not experienced in a considerable time. This bullish trend follows an extended period of sideways trading that began in early August.
What you'll learn 👉
The Main Triggers Behind the Price Increase
The sudden price surge is attributed to a combination of technical and on-chain metrics.
Major Breakout from Descending Channel
Recent Shiba Inu price action indicates that a key factor in the price increase is a breakout from a descending channel that has constrained SHIB’s price since March. In this channel, the upper boundary has consistently acted as a resistance level, preventing any substantial price growth.
However, SHIB managed to break free from this resistance zone recently, generating substantial bullish momentum. There is potential for some price retracement as the market tests these previously resistant levels, which may now serve as new support.
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Positive Fundamental and On-chain Metrics
Lucie, the Marketing Lead at Shiba Inu, shared insights into the positive developments surrounding the Shiba Inu ecosystem. Just one week following the launch of the #Bonecrusher, Shibarium has achieved a remarkable Total Value Locked (TVL) of $3.64 million.
This achievement reflects the community’s robust participation and enthusiasm for the platform. The key figures from this past week include:
- Total TVL: $3.64 million
- KNINE Bridged: 93.7 billion KNINE tokens have been bridged to Shibarium, indicating strong liquidity.
- KNINE Locked/Staked: 77.8 billion KNINE tokens are locked or staked, showcasing user confidence.
- Average Lock Time: The average lock time for these tokens is 10.32 months, suggesting long-term commitment among users.
- $BONE Liquid Staked: Approximately 2.6 million $BONE tokens have been liquid staked, enhancing platform liquidity.
- Validator Status: Shibarium has become the second-largest validator, demonstrating solid support within the network.
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Show more +This growth is particularly noteworthy following the Shibarium Mainnet launch, highlighting a positive reception from the community. The data indicates that users are actively engaging with the platform, showing keen interest in its offerings.
The recent performance sets a promising foundation for future advancements, with community involvement being crucial for the platform’s evolution in the decentralized finance space.
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