The price of Shiba Inu continues to perform exceptionally well, surpassing Dogecoin’s 7-day growth. SHIB has surpassed 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 crypto-currency has surpassed $1 billion in trading volume in the last 24 hours, signaling the huge potential for further gains.
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 recent price increase place the crypto-currency as the 15th most valued token in terms of capitalization, after Avalanche (AVAX).
Furthermore, when considering 24-hour trading volume, Shiba Inu is the 13th most traded digital asset, followed by Chainlink (LINK) and Dogecoin (DOGE).
Furthermore, Shiba Inu’s 24-hour trading volume has increased by more than 18% over the past 24 hours, indicating strong price growth potential and additional market momentum for the meme token.
One of the reasons for Shiba Inu’s dramatic price performance, in addition to Bitcoin and Ethereum showing significant price growth, is the evolution of Shibarium, a Tier 2 solution that seeks to provide a scaling solution for the 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 boosts investor confidence and positive market dynamics for the price of SHIB.
Shibarium is just one piece of the puzzle, as Shytoshi Kusama, a lead developer of Shiba Inu, 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 want just 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 forecast and analysis
With the continued growth of Bitcoin and Ethereum, the price of Shiba Inu is expected to continue rising above the $0.00001300 level. Currently trading at $0.00001297, SHIB recently broke through its two-month high, signaling the substantial potential of the current bullish run.
Shiba Inu is likely to attempt to establish solid 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 its 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 has held for several months. If SHIB manages to break through this range, we will likely see a significant increase in trading volume.
Remember, in order for SHIB to reach $0.00002000, the price must rise another 47%, a fairly substantial increase that will likely take several days of bullish momentum.