Early Shiba Inu Investors Move Funds to New Token, Seeking 987% Profits
As Shiba Inu (SHIB) eyes a potential push higher following a recent bullish pattern breakout and amid positive news for its DeFi ecosystem, early investors are moving funds to a new token called 99Bitcoins (99BTC) as they seek 987% profits.
SHIB was last trading down 3.3% on Thursday around $0.00002450, having earlier pushed towards $0.000026.
The meme coin, the second largest by market cap after Dogecoin, broke out of a multi-week pennant pattern on Wednesday.
Technical analysis suggests risks are tilted towards a retest of late-March highs.
And news that ShibaSwap has finally migrated to Shibarium could help ignite fresh bullish sentiment.
Every swap and every stake on ShibaSwap fuels our ecosystem!
Increased trading volumes bring more fees for stakers and LP providers , cementing ShibaSwap as the go-to hub for community tokens.
⁰In addition, the more transactions will run on Shibarium blockchain, the more the…
— Shib (@Shibtoken) May 15, 2024
Shiba Inu developers launched Shibarium, a layer-2 blockchain designed to be the home of the Shiba Inu ecosystem, last year.
But so far, it’s largely been a dud, with barely over $2 million in TVL as per DeFi Llama.
ShibaSwap, Shiba Inu’s previously Ethereum-based DEX, has been more successful.
The DEX routinely logs daily trading volumes in the millions of dollars, CoinGecko data shows.
ShibaSwap’s expansion to Shibarium should bring some much-needed liquidity to the struggling blockchain.
Not only is that a boost to the Shiba Inu web3 ecosystem, but should also lift the SHIB burn rate.
SHIB could see near-term upside, but a new token in the learn-to-earn (L2E) niche is attracting a lot of hype.
Well-established crypto education platform 99Bitcoins is launching a new token that will reward
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