After being trapped in a horizontal consolidation between $0.000015 and $0.000012 since early August, Shiba Inu (SHIB), the second-largest meme coin by market cap, broke out of the liquidity zone. The large-cap meme coin, with a deep liquidity of over $7 million, registered a 13 percent spike in the past 24 hours to trade about $0.00001716 on Thursday during the early New York session.
With the daily Relative Strength Index (RSI) above the 70 percent level, it is safe to assume that the Shiba Inu bulls are back in control after six months of choppy markets.
Major Factors that Contributed to the Shiba Inu Spike Today
Shibarium TVL Growth
In just one week since the launch of the Bonecrusher, Shibarium, the Shiba Inu's layer two scaling solution based on the Ethereum network, saw its Total Value Locked (TVL) rise to about $3.64 million earlier today.ย ย
โAs Shibarium continues to develop, this week's performance lays promising groundwork for future progress. The community's involvement will be crucial as the platform evolves in the decentralized finance space,โ
Lucie, Shiba Inu's lead marketer, noted.
Some of the best-performing DeFi projects on the Shibarium network include WoofSwap, MarSwap, and ChewySwap, among others.
Launch of SHI Stablecoins
ย In a bid to improve liquidity among other utilities in the Shiba Inu ecosystem, the core developers, led by Ryoshi, intend to launch stablecoin soon. The launch of the SHI stablecoins will place the Shiba Inu meme coin ahead of its competitors and upgrade its credibility among investors.
โAs development progresses, SHI is set to enhance the Shib ecosystem's capabilities, providing a reliable framework for decentralized finance and contributing to a more resilient financial landscape,โ
the team noted.
Launch of Shibdentity
The Shiba Inu developers announced the launch of the Shibdentity in collaboration with D3 to enhance the mainstream adoption of its DeFi protocols. Although it is not integrated yet, Shibdentity aims to empower users by providing greater control over their online identities and assets, making it easier to manage their presence across decentralized networks.
Network Growth and Favoring Market Outlook
As the largest meme coin on the Ethereum network, Shiba Inu has attracted over 1.4 million holders. With its deep DeFi liquidity, Shiba Inu has attracted more institutional investors seeking to diversify their crypto portfolio.ย
Amid the rising hype for the October effect in the crypto industry, Shiba Inu price followed its leader Dogecoin and Bitcoin in a bullish breakout.
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