- The fast growth of the Shibarium network which has registered more than 1.2 million wallet addresses and over 2.8 million transactions has helped in the overall recovery.
- Shiba Inu has ranged in the profitability range of between 7-9% but has since scaled to 10%, which could increase profit taking.
The second largest meme coin and the leading one on the Ethereum (ETH) network, Shiba Inu (SHIB), edged 2 percent higher on Monday to trade around $0.0000073, thus rejuvenating investors optimism for a bear market rebound. The Shibarmy continued to hype the Shibarium L2 network with the DeFi projects seeking to tap into the Ethereum and Polygon-based scaling ecosystem. Moreover, more than 28 million BONE had already been staked on the Shibarium network less than two months after its official launch.
With about 694k blocks already created on the Shibarium network, more than 1.246 million wallet addresses have been registered and facilitated over 2.8 million transactions. Notably, the Shibarium ecosystem has only been recording about 5.5 percent of network utilization with about 40.5k daily transactions.
Closer Look at Shiba Inu Market Outlook
The correlation between Shiba Inu and leading meme coin Dogecoin (DOGE) remains relatively high, meaning the altcoins are still heavily traded through speculative aspects. With Dogecoin resting at a crucial support level around $0.062, which could yield a rebound peeing to the bullish daily RSI divergence, the likelihood of Shiba Inu following the same trend is high.
Furthermore, according to intelligence market data analysis provided by Intotheblock, the Shiba Inu profitability has increased from the range of between 7 and 9 percent to 10 percent. Although a small change, it is an indication of relief from long-term holders. Nonetheless, the spike in Shiba Inu profitability could spell bearish sentiments in the near term as holders could soon rush to take profits amid a heightened bearish crypto outlook.
Notably, the Shiba Inu ecosystem enjoys long-term holders who have helped stabilize its stability in the past year. According to an on-chain analysis conducted by Binance-backed Coinmarketcap, the Shiba Inu whales currently control about 67 percent of SHIB in circulating supply. As of September 16, the Shiba Inu whales held about 613 trillion SHIBs compared to only 221 trillion held by retail investors.
Price Action
The Shiba Inu meme coin had a 24-hour average trading volume of about $76 million and a fully diluted market cap of around $4.3 billion. Notably, Shiba Inu’s daily trading volume has slumped significantly from over half a billion earlier this year and over $7.7 billion in late 2021 after the meme coin hit its ATH.
From a technical standpoint, Shiba Inu’s price must flip the resistance level around $0.000015 into a support level in order to guarantee a rally beyond its ATH. Otherwise, Shiba Inu buyers must continue defending the support level around $0.0000073 to avoid 33 percent capitulation towards $0.000005.
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