Shiba Inu (SHIB), a meme coin, has outperformed the leading cryptocurrency, Bitcoin. This performance has drawn attention to Shiba Inu and its ecosystem. The project has been working to expand its utility beyond being a mere meme coin.
TLDR
- Shiba Inu (SHIB) has outperformed Bitcoin in 2024, with a 136% price increase compared to Bitcoin’s 69% gain.
- K9 Finance and Shiba Inu announced a retroactive airdrop on the Shibarium Layer 2 blockchain, rewarding users for holding KNINE tokens and engaging with the platform.
- The Shiba Inu community is pushing for the listing of ecosystem tokens like LEASH and BONE on major exchanges like Binance, with some experts confident it will happen.
- Shibarium, Shiba Inu’s Layer 2 solution, has seen a 50% surge in on-chain activity and an increase in total accounts, indicating growing interest in the network.
- Technical analysis suggests Shiba Inu could potentially experience a 32% price surge if it breaks a key resistance level.
One significant development is the recent announcement by K9 Finance, Shiba Inu’s official liquid staking and derivative partner, regarding a retroactive airdrop on Shibarium, Shiba Inu’s Layer 2 blockchain solution.
Users who hold KNINE tokens and engage with the Shibarium platform, such as interacting with decentralized applications (dApps) and participating in staking, will be rewarded in the future based on their past performance.
Thank you for the kind words Lucie!
Yes indeed K9 DAO will be conducting a retroactive airdrop. Actions that will be rewarded include:
– holding length of time
– bridging to Shibarium
– testing K9 on test net
– staking KNINE
– using dapps on Shibarium& more. There will…
— Buzz.Shib | Shibarium (@buzzdefi0x) May 25, 2024
The Shiba Inu community has also been actively pushing for the listing of its ecosystem tokens, LEASH and BONE, on major cryptocurrency exchanges like Binance.
While SHIB is widely supported and listed on several leading centralized exchanges, other tokens in the ecosystem have not yet achieved the same level of adoption.
However, some experts within the community, like Del Crxpto, remain confident that LEASH and BONE will eventually be listed on Binance. A listing on such a large exchange could potentially lead to a significant price surge for these tokens, as it would expose them to a broader investor base.
I understand that not all countries can vote so #SHIBARMY if you can, DO IT. #BINANCE
SHOW YOUR POWER!!!! https://t.co/8P8WgpclCN
— Shytoshi Kusama™ (@ShytoshiKusama) March 9, 2024
Shibarium, the Layer 2 solution developed by Shiba Inu, has been gaining traction as well. The network has witnessed a 50% surge in on-chain activity, with new transactions increasing from 5,150 on Friday to 7,691 by Sunday.
The total number of Shibarium accounts has grown from 105,367 on May 1 to 113,732 by May 27, indicating a growing interest in the platform. Shibarium aims to enhance scalability and transaction efficiency on the Ethereum blockchain, reducing transaction times and costs.
The Shiba Inu team has been working diligently to improve the ecosystem, with the recent integration of ShibaSwap, its native decentralized exchange, into Shibarium.
This move is part of a broader effort to increase the utility and appeal of the platform. Kaal Dhairya, a developer for Shiba Inu, emphasized the team’s commitment to continuous improvement and regular updates.
From a technical analysis perspective, Shiba Inu is exhibiting a volatility contraction pattern (VCP), which traders often interpret as a potential indicator of an impending breakout.
If SHIB manages to break through the resistance level at $0.00002631, it could potentially experience a 32% price surge from its current market price, targeting the resistance at $0.00003282. However, if the breakout fails, the price may retrace to the support level at $0.00002345 or even lower to $0.00002052.
