As the cryptocurrency industry has regained momentum following the storms of last year, one token has emerged as a frontrunner: the Shiba Inu (SHIB) coin. It has been generating buzz on Twitter and Discord for several weeks, and its price has surged by almost 60% since the beginning of 2023, outperforming more significant competing tokens like Ethereum (up 37%) and Bitcoin (up 41%). As a result, market analysts believe that meme coin investors will likely witness a heavy pump in March, and Shiba Inu will take the top place.
Shiba Inu To Dominate Major Meme Coins Soon
One factor that could potentially propel Shiba Inu to new heights is the launch of Shibarium, an upcoming blockchain network that will be integrated with the Shiba Inu coin. It is being constructed as a “Layer-2” blockchain, built on top of the Ethereum blockchain, which provides the foundational structure for Shiba Inu and all its functionalities.
Moreover, Shytoshi Kusama, the developer behind both the Shiba Inu meme coin and its associated Shibarium Layer-2 solution, has announced that a new prominent project has endorsed Shibarium, adding to the growing list of supporters.
Voxel X Network has announced on Twitter that it has embraced Shytoshi Kusama’s vision for a decentralized Shibarium that includes all projects. The tweet further states that Voxel X and over 75 of its listed partners will actively promote Shibarium. This news from the SHIB community sparks fresh excitement among meme coin investors and sets the stage for a solid bull run in March.
SHIB Price To Surge By 30%
Although the Shiba Inu price has experienced a solid rebound in the past, the meme token has witnessed a decline in value recently, leading SHIB traders to suspect an impending downtrend. Nevertheless, the present market trend of the SHIB token suggests a bullish price momentum.
Despite a sharp decline to the weekly support level of $0.00001191, SHIB’s price is flashing bullish signals as it surged above its 23.6% Fib level from the support level. Investors are now eagerly waiting for a breakout above the immediate resistance of $0.000013 to set up a short-term bullish goal in the SHIB price chart.
As of writing, SHIB’s price trades at $0.00001234, with a decline of 0.64% in the last 24 hours. Looking at the 4-hour price chart, SHIB price is preparing to trade above the EMA-20 trend line as it witnesses a spike in trading volume. A breakout above $0.000013 will push the token to a crucial price of $0.000014, above which SHIB price will head toward the Bollinger band’s upper limit of $0.000016.