Shiba Inu (SHIB) Reigns as Meme Coin Champion in the Ethereum Ecosystem

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

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.

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