Shiba Inu price continues to perform exceptionally, outpacing Dogecoin 7-day growth. SHIB broke above the $0.00001300 level, rising over 26% this week, compared to Dogecoin’s 23% rally over the past seven days.
The growth of the SHIB ecosystem continues to excite investors and traders as the cryptocurrency surpassed $1 billion in trading volume in the past 24 hours, signaling the huge potential for further gains.
The Shiba Inu ecosystem continues to grow
Shiba Inu remains a popular and highly traded crypto asset, surpassing even respectable ecosystems and projects like Tron and Litecoin in terms of market capitalization.
Shiba Inu’s current market capitalization of $7 billion and the recent rise in price place the cryptocurrency as the 15th-highest valued token by capitalization, after Avalanche (AVAX).
Also, looking at 24-hour trading volume, Shiba Inu is the thirteenth most traded digital asset, followed by Chainlink (LINK) and Dogecoin (DOGE).
Additionally, Shiba Inu’s 24-hour trading volume has increased by more than 18% in the past 24 hours, indicating strong potential for price growth and additional market momentum for the meme token.
One of the reasons for the spectacular price performance of Shiba Inu, besides Bitcoin and Ethereum showing significant price growth, is the evolution of Shibarium, a Tier 2 solution that seeks to provide a solution scaling for Tier 1 blockchain.
A unique feature of Shibarium that has interested investors is its auto-burn feature, which will slowly reduce the circulating supply of Shiba Inu, thus pushing the price of each SHIB token higher. The community behind Shiba Inu, which calls itself SHIBARMY, is a big fan of burning Shiba Inu tokens, which builds investor confidence and positive market momentum for SHIB’s price.
Shibarium is just one piece of the puzzle, as Shiba Inu lead developer Shytoshi Kusama pointed out on Twitter:
For those asking wen I will Tweet about Shib… I Tweet about Shib & Leash & Bone & Treat & Shiboshis & Shibarium & Shi& Welly & John Richmond &! If you just want Shib news try following our main Shib account .@Shibtoken ! (But they do the same.) We are an ecosystem & community!
—Shytoshi Kusama™ (@ShytoshiKusama) July 20, 2022
Shiba Inu Price Prediction and Analysis
With the continued growth of Bitcoin and Ethereum, the price of Shiba Inu is likely to continue to rise above the $0.00001300 level. Currently trading at $0.00001297, SHIB recently breached its two-month high, signaling the substantial potential of the current bull run.
Shiba Inu is likely to attempt to establish strong support at the $0.00001300 level before attempting another rally towards $0.00002000. The next few days will be vital for Shiba Inu’s growth, and as long as Ethereum continues to rise, so will SHIB.
Looking at the one-year chart, we notice that an important level for Shiba Inu is the $0.00002000 range, which it held for several months. If SHIB manages to break through this range, we are likely to see a significant increase in trading volume.
Remember, for SHIB to reach $0.00002000, the price needs to rise another 47%, a fairly substantial rise that will likely take several days of bullish momentum.
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