Shiba Inu, the popular meme coin that has gained a loyal fan base, has been on a bullish run in the past week. The coin has seen a surge in its social media presence and anticipation for its upcoming network upgrade, Shibarium. Here are some of the factors that have contributed to Shiba Inu’s impressive performance.
One of the indicators of Shiba Inu’s growing popularity is its social volume, which measures the number of mentions of the coin on various social media platforms. According to LunarCRUSH, a platform that tracks social metrics for cryptocurrencies, Shiba Inu’s social volume has increased by 65% in the past week, reaching over 12,000 mentions on August 11.
This shows that Shiba Inu has a strong and active community that is spreading the word about the coin and creating a positive sentiment. The coin has also been trending on Twitter several times in the past few days, with hashtags such as #ShibArmy and #Shibarium.
Shibarium: The Next Big Thing For Shiba Inu
Another factor that has boosted Shiba Inu’s price is the anticipation for its network upgrade, Shibarium. Shibarium is a layer-2 solution that aims to provide faster and cheaper transactions for Shiba Inu and its ecosystem of tokens, such as LEASH and BONE. Shibarium will also enable smart contracts and decentralized applications on the Shiba Inu network, opening up new possibilities for innovation and utility.
Shibarium is expected to launch later this month, according to the Shiba Inu website. The developers have also teased some of the features of Shibarium, such as a bridge to other blockchains, a native token called SHIBA, and a governance system that will allow the community to vote on proposals.
Shiba Inu Price Analysis: Bullish Momentum Continues
Shiba Inu has been on a strong uptrend since the beginning of August, breaking several resistance levels and gaining over 40% in value. The coin reached a monthly high of $0.00001050 on August 7, before correcting slightly to $0.00000800. However, the coin soon resumed its rally and climbed back above $0.00000900, where it is currently trading at the time of writing.
The coin is showing signs of bullish momentum, as indicated by the MACD indicator, which is above the zero line and has a positive histogram. The RSI indicator is also above 50, suggesting that the buyers have the upper hand. The next major resistance level for Shiba Inu is at $0.00001100, which coincides with the 50% Fibonacci retracement level of the previous downtrend from May to July. If the coin can break above this level, it could target the next resistance at $0.00001500, which is the 61.8% Fibonacci retracement level.
On the other hand, if the coin faces rejection at $0.00001100, it could retrace to the support level at $0.00000800, which is also the 38.2% Fibonacci retracement level. A further decline below this level could push the coin to the next support at $0.00000600, which is the 23.6% Fibonacci retracement level.