SHIB Breaks Out of Descending Triangle, Aims for $0.00003 After ShibaSwap Launch on Shibarium

SHIB Breaks Out of Descending Triangle, Aims for $0.00003 After ShibaSwap Launch on Shibarium

The popular meme crypto Shiba Inu (SHIB) is making moves that could catalyze a price rally. As of press SHIB is trading at $0.0000255, up 7.65% in the last 24 hours and up 12% in the last 7 days. It records a market cap of $15 billion  ranking 11th crypto asset while its 24-hour trading volume is at  $1.19 billion, a 33% increase in the last 24 hours.

SHIB Price Chart: CoinMarketCap
SHIB Price Chart: CoinMarketCap

After months of development, the long-awaited ShibaSwap decentralized exchange has officially launched on the Shibarium Layer-2 blockchain. This launch brings major utilities and expanded functionality to the SHIB ecosystem. ShibaSwap now enables the creation of new liquidity pools for any token on Shibarium, allowing users to easily swap between tokens on both the Ethereum and Shibarium networks.

Robinhood Shuffles Massive SHIB Holding

Blockchain data shows that major trading platform Robinhood recently transferred a whopping 3 trillion SHIB tokens, valued around $74.7 million at the time, between its internal wallets. 

Initial speculation arose that this large transaction could represent a sell-off or "dump" of Robinhood's SHIB holdings. However, on-chain analysis confirmed this was simply an in-house transfer between Robinhood's wallets, not an inflow from an external party.

Robinhood has been actively expanding support for Shiba Inu, having made the meme coin available to users in New York state just last month. The trading platform appears to be gearing up for increased SHIB activity and adoption.

Shiba Inu Returns as Top Sponsor for Blockchain Futurist Conference

Further demonstrating its commitment to the Web3 space, the Shiba Inu team is returning as a title sponsor for several major Canadian blockchain events in August 2024 - the Blockchain Futurist Conference, ETHToronto, and ETHWomen. 

The team is offering free tickets to the "Shib Army" of investors, project developers, influencers, and community members. This high-profile sponsorship highlights Shiba Inu's aspirations to be a leader in the emerging Web3 ecosystem.

SHIB Technical Analysis 

Shiba Inu had been trapped in a bearish descending triangle pattern since early March after recording a 436% price rally from January to the start of March. The meme coin found support at around $0.00001841 after correcting 59% from its March highs. SHIB has now broken out from the descending triangle resistance on May 15th, signaling a potential bullish trend reversal.

SHIBUSD Daily Chart: TradingView
SHIBUSD Daily Chart: TradingView

The next key resistance targets lie at $0.00002800, $0.00002950 and $0.000032 highs if the momentum continues. Analysts are optimistic that SHIB could be one of the top cryptocurrencies to buy for a rebound in May. However, any retracement is likely to find support at the former descending triangle resistance turned support level.

As market sentiment improves and investors increasingly recognize the potential of meme coins and alternative crypto projects, Shiba Inu appears well-positioned to capture significant ups surge from renewed interest and adoption. The launch of ShibaSwap's expanded capabilities is most likely to be a key catalyst driving this rallying narrative.

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