Shiba Inu (SHIB) has remained the undisputed meme coin champion in the Ethereum (ETH) ecosystem amid the notable emergence of new similar projects. The large-cap meme coin, with a fully diluted valuation of about $17 billion and a daily average traded volume of about $156 million, takes pride in nearly 1.4 million on-chain holders.
The impressive Shiba Inu’s initial performance, the notable network development, and the support from Ethereum’s co-founder Vitalik Buterin have helped the meme coin remain relevant throughout the crypto bear market.
Shiba Inu Developments
The top-tier dog-themed meme coin has significantly benefited from the notable development of the Shibarium layer two ecosystems. As of this report, the Shibarium had a dozen web3 projects that had locked around $1.6 million on the network.
The notable Shibarium adoption has helped increase the SHIB on-chain burn, which ultimately raises the value of existing tokens.
Mainstream Adoption
The ongoing mass adoption of meme coins has helped Shiba Inu attract more institutional investors seeking to diversify their crypto portfolios. In the latest update, Kronos Advanced Technologies Inc. (US OTC: KNOS), a leading innovator in FDA-approved air purification solutions, announced its customers can now use Shiba Inu as a means of payment.
According to Greg Rubin, CEO of Kronos, the decision to integrate Shiba Inu for payments will help the company cater to the growing demand for alternative payment options. Meanwhile, Kronos customers using Shiba Inu for payment will receive a 10 percent discount on their order with the coupon code “SHIBARMY10.”
Midterm Expectations
Shiba Inu price has been on a rising trajectory year-to-date following a successful bullish breakout from the 2022 crypto bear market. In the midterm, Shiba Inu’s price against the US dollar is likely to continue falling to retest the rising macro logarithmic trend.
From a technical standpoint, Shiba Inu’s price could find solid support between the 0.5 and 0.618 weekly Fibonacci Extension.
