The popular memecoin Shiba Inu (SHIB) is now showing signs of an upward momentum. The coin had been having a sideways momentum for the last few days. At the time of writing, the coin is trading at $0.00001221. The coin has a circulating supply of $192.2 million and a market capitalization of $7.19 billion.
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One factor that drives the stable growth of SHIB is the Shibarium Layer-2 network, which enables the coin to continue to get increasingly adopted. There are almost over 1.2 million wallets, and there’s more transaction activity.
Shibarium aims to help transition SHIB from a meme coin to a more utility-focused coin within the larger DeFi environment. Also, the larger cryptocurrency has improved in recent days, with Bitcoin maintaining strength and Ethereum consolidating near key levels.
According to the data given, CoinCodex SHIB has an average price of $ 0.00001265 and may boost to a price trajectory of $ 0.00001424 if it goes further up, with a Potential ROI of 15.80%.
The year ends with an average price of $ 0.00001395 and might have a maximum price of $0.00001399, with a potential ROI of 13.68%. Therefore, this month might see a price hike of $ 0.000014.
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According to the data provided by TradingView, the coin is experiencing resistance (yellow) at $0.00001238 and can boost up to $0.00001250 if it breaches said resistance level. SHIB’s support level is at $0.00001189 and can dip to $0.00001150 if it goes further than that.
While the recent activities of the coin have brought optimism to the SHIB community, most analysts advise caution. If current momentum holds, a push toward $0.000014 could happen in the near future.
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