• The Shiba Inu (SHIB) ecosystem is growing rapidly with the Total Value Locked (TVL) reaching $36.72 million in less than two years.
• Shiba Inu price has been on a rising channel since January, but there have been some bearish corrections recently.
• BONE has gained approximately 150% over the past year and an increase in its value could rally the underlying Shiba Inu price.
Shiba Inu Ecosystem Growing Rapidly
The Shiba Inu (SHIB) movement has grown to become a full-blown ecosystem with the potential of disrupting the Dogecoin network as the top meme coin. The Shibaswap.com ecosystem continues to attract more on-chain activity with the total value locked rising exponentially with time. According to market data provided by Defillama, the Total Value Locked (TVL) – a crucial measure of blockchains liquidity – of Shibaswap, an ecosystem that encompasses SHIB, LEASH, and BONE, has grown to $36.72 million in less than two years.
Shiba Inu Price Outlook & Performance Evaluation
Shiba Inu price has been on a rising channel since the calendar flipped in January. However, as it is with most of the crypto assets, the bullish thesis has declined in the past few days and could see Shiba Inu drop below the 50 percent Fibonacci retracement level if continued downwards pressure persists. Furthermore, Shiba Inu is popularly known for its speculative aspect, after posting a rally of over 171,000 X from its ATL to ATH. Notable while most crypto tokens are down over 40 percent in 2021, Shiba Inu’s BONE token has gained approximately 150 percent during this period and an increase in BONE value could rally up underlying SHIB prices as well.
GovSHIB Platform for Community Driven Project
The Shibarium layer 2 network is expected to be launched soon which will further rejuvenate bullish sentiment among community members who are already eagerly anticipating its launch date. Notably #ShibariumDAO is introducing a governance platform called GovSHIB which will allow for democratic decision making by allowing token holders to cast votes proportionate to their token holdings thus allowing community members have more control over their investments decisions and future plans of their respective projects they’re holding tokens for.
Shibeswap Bears Hunting Unsuspecting Bulls
Despite all these positive developments surrounding SHIB project there are some bears lurking around hunting unsuspecting bullish traders as SHIB dropped 3.6 percent in 24 hours prior at press time which might indicate further decline if corrective action isn’t taken soon enough otherwise bulls may take back control of overall market sentiment once again!
With increased BTC prices altcoins have also seen some major gains lately but specifically SHIB project which had experienced tremendous success so far looks like it can do even better if layer 2 networks gets off ground successfully combined with GovSHib platform implementation allowing token holders make their own decisions regarding future plans or investment strategies however cautiousness should be exercised due bears lurking around ready pounce unsuspecting bull traders anytime!