The Ethereum-based memecoin Shiba Inu (SHIB) is gearing up for a potential price surge, aiming to revisit its previous all-time high. With a fully diluted market cap of about $25 billion and an average daily trading volume of $653 million, Shiba Inu continues to be a favorite among memecoins. However, over the past eight weeks, SHIB’s price has hit resistance around $0.000029, causing hesitant investors to turn their attention to more volatile, politically-themed memecoins like MAGA.

Consolidation Period Before a Bullish Surge

On-chain data from Glassnode reveals that over 4 trillion SHIB, valued at more than $103 million, have been transferred to various cryptocurrency exchanges over the past two weeks, possibly for profit-taking. This trend, observed both last week and this week, indicates that buyers are struggling to push SHIB’s price higher. Consequently, Shiba Inu’s price might retest its recent correction base around $0.000018 before potentially rising towards $0.000080, in line with the weekly 1.618 Fibonacci extension.

Growth in the Supporting Ecosystem

The Shiba Inu ecosystem has experienced significant growth, particularly with advancements in the Layer 2 scaling solution, Shibarium. Supported by leading decentralized finance (DeFi) platforms like WoofSwap, ChewySwap, DogSwap, and MARSWAP, Shibarium has achieved a total value of approximately $2.4 million, enhancing the ecosystem’s strength and utility.

Recently, the Shiba Inu development team announced a major enhancement to the Shibarium network, reducing the time required to bridge BONE tokens via the Ethereum bridge from seven days to just 45 minutes. This improvement is expected to boost user experience and attract more participants to the Shiba Inu ecosystem.

In conclusion, Shiba Inu is poised for a potential breakout, with its ecosystem showing robust growth and improvements. While the price faces resistance, the advancements in the ecosystem could drive SHIB towards new highs, making it a memecoin to watch closely.