CoinTelegraph Report:
Amid a proliferation of new similar projects, Shiba Inu (SHIB) remains the undisputed meme coin champion within the Ethereum (ETH) ecosystem. The fully diluted market valuation of this high-profile meme coin stands at approximately $17 billion, with a daily trading volume of around $156 million and close to 1.4 million on-chain holders.
Impressive initial performance, significant network growth, and support from Ethereum co-founder Vitalik Buterin have helped maintain relevance for this meme coin throughout the entire cryptocurrency bear market.
Shiba Inu’s Evolution
This top-tier dog-themed meme coin has benefited significantly from the development of Shibarium, its Layer 2 ecosystem. As of this report, Shibarium hosts over a dozen Web3 projects with approximately $1.6 million locked on the network.
Noteworthy adoption of Shibarium contributes to increased on-chain burning of SHIB, ultimately enhancing the value proposition of existing tokens.
Mainstream Adoption
Continued widespread adoption of meme coins has assisted Shiba Inu in attracting institutional investors seeking diversified cryptocurrency portfolios. In recent news, Kronos Advanced Technologies Inc. (US OTC: KNOS), a leading innovator in FDA-approved air purification solutions, announced that its customers can now utilize Shiba Inu as a payment method.
Greg Rubin, CEO of Kronos, noted that integrating Shiba Inu payment capabilities will help the company meet the growing demand for alternative payment methods. Additionally, Kronos customers using Shiba Inu for payments will receive a 10% order discount with the coupon code “SHIBARMY10.”
Medium-Term Outlook
Following its successful breakthrough during the 2022 cryptocurrency bear market, Shiba Inu’s price has been on an upward trajectory this year. Medium-term expectations suggest that the SHIB-to-USD price may continue to decline to retest macro logarithmic uptrend highs.
Technically, solid support for Shiba Inu’s price can be found between the 0.5 and 0.618 weekly Fibonacci extensions.