The Shiba Inu (SHIB) movement has grown to become a full-blown ecosystem with the potential of disrupting the Dogecoin network as the top meme coin. The Shibaswap.com ecosystem continues to attract more on-chain activity with the total value locked rising exponentially with time.
However, the Shiba Inu bears are tenaciously hunting for unsuspecting bullish traders, having dropped 3.6 percent in the past 24 hours. Nonetheless, the mention of the Shibarium layer 2 network, expected to be launched soon, quickly rejuvenates the community’s bullish sentiment. Furthermore, the Shiba Inu layer 1 network could easily scale with layer 2 as observed with Ethereum and Polygon (MATIC).
According to market data provided by Defillama, the Total Value Locked (TVL) – a crucial measure of blockchains liquidity – of Shibaswap, an ecosystem that encompasses SHIB, LEASH, and BONE, has grown to $36.72 million in less than two years.
Shiba Inu: Price Outlook & Performance Evaluation
Shiba Inu price has been on a rising channel since the calendar flipped in January. However, as it is with most of the crypto assets, the bullish thesis has declined in the past few days. A continued price correction could see Shiba Inu drop below the 50 percent Fibonacci retracement level, and perhaps cause a panic sell pressure.
Furthermore, Shiba Inu is popularly known for its speculative aspect, after posting a rally of over 171,000 X from its ATL to ATH.
Notably, while most crypto tokens are down over 40 percent in the past year, Shiba Inu’s BONE has gained approximately 150 percent during the same period.
While the two have a high-level correlation, an increase in BONE value could rally the underlying Shiba Inu price.
