Shiba Inu’s (SHIB) dev team delivered some ground-breaking news on Sunday, bringing the mainstream meme currency to Solana’s Layer-1 chain. Previously, Shiba Inu coin (SHIB) was only available on the parenting Ethereum (ETH), Binance Smart Chain (BSC) & the native Shibarium Layer-2 network.
This is done via Solana’s Sunrise protocol, adding a fresh layer of demand. Solana’s been home to many popular dog-themed crypto assets, including but not limited to Bonk Coin (BONK) Dog Wif Hat (WIF). Shiba Inu’s (SHIB) arrival on Solana marks a rare instance of late registration on a major blockchain network.
The update allows SHIB to be accessed and traded directly within the expansive decentralized finance (DeFi) ecosystem of Solana. Traders won’t have to jump out of the ecosystem to access Shiba Inu (SHIB) in its original form. That may increase the meme coin’s turnover on crypto exchanges, boosting the volumes.
Problem Solved? What Has Pushed SHIB Back Previously
Notably, slow trading volumes on both Spot & Perpetual crypto markets have been Shiba Inu’s key hurdle in regaining the $0.00000600 level. This confluent resistance bubble often spits Shiba Inu out back to $0.00000550 – $0.00000500 price levels. Presently, the meme coin tacked on a 4.95% rally in 24 hours, per SoSoValue.
This has pushed Shiba Inu’s (SHIB) price back to $0.00000595, approaching the same crucial resistance barrier as before. However, this time’s not different in terms of trading volume: so far, it hasn’t picked up, whipping up $108.56 million on Monday. That places SHIB at the 6th place by trading activity in the meme coin section.
However, the upgrade is rather long-term, so an immediate boost in volume is complimentary. Based on technical metrics, these are the key levels to monitor following the Solana integration:
- $0.00000627 – immediate price resistance
- $0.00000572 – the mid-level Bollinger Band
- $0.00000517 – historical major-demand area
Right now, more traders are betting on Futures markets that Shiba Inu’s (SHIB) price would see another drawdown. The 0.99 long versus short portrays a very-slim bearish edge, while the OI weighted funding rate still favors the bulls.
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