- Shibarium comeback: Total value locked jumped 137%, signaling growing adoption and network activity.
- Exchange outflows: Tokens leaving exchanges suggest strong holding behavior and increased investor interest.
- Technical outlook: Patterns indicate potential rebound, with key resistance at $0.0000116 and support at $0.0000094.
Shiba Inu has stabilized after weeks of selling pressure, and investors are taking notice. The token trades at $0.0000098, marking a 20% rise from its lowest level this year. Key developments in the Shibarium network and exchange trends hint at potential upside. Traders and long-term holders are closely watching as fundamental catalysts emerge. Could Shiba Inu stage a meaningful rebound in the coming weeks?
Shiba Inu Price Could Benefit From Shibarium Comeback
Shibarium, the layer-2 network for Shiba Inu, has started to stage a comeback after a major setback. Two months ago, ShibaSwap suffered a large exploit, causing the network to freeze temporarily. Recent data from DeFi Llama shows total value locked in the network jumped 137% in the past seven days. Most major chains lost assets during this period, making this surge notable. The total value locked reached $1.86 million, the highest since mid-September. ShibaSwap led the gains, rising 137% to $1.15 million.
Other projects in the ecosystem also showed strong growth. WoofSwap increased 132% to $442k, ChewySwap jumped 140%, and DogSwap more than doubled in value. Shibarium addresses climbed past 272 million, and transactions are gradually increasing. The network supports the goal of turning Shiba Inu into a utility token, reducing circulating SHIB by converting fees into BONE and burning them. This mechanism can create scarcity, potentially supporting price growth.
Shiba Inu Exchange Balances and Technical Outlook
Shiba Inu’s price may also benefit from declining exchange balances. Nansen data shows tokens on exchanges fell from 297 trillion in August to 284 trillion now. Lower exchange supply often signals stronger holding behavior and rising investor interest. On-chain data shows whales and smart money are increasing positions. Smart money holds 43 billion SHIB, up 8.5% over the past 90 days. Whales increased holdings by 120% to 105 billion tokens. Burn rates have also jumped this week, adding another bullish factor.
Technically, the daily chart shows a strong downtrend this year, reflecting broader meme coin sell-offs. The eight-hour chart, however, offers short-term optimism. An inverse head-and-shoulders pattern formed, with the head at $0.00000835. A small bullish flag pattern also emerged, and the token attempts to climb above the 50-period EMA. If momentum continues, Shiba Inu could approach the key resistance at $0.0000116, aligned with the 50% Fibonacci retracement.
Conversely, a drop below $0.0000094 would invalidate the bullish outlook. Traders should watch these levels closely for confirmation of any rebound.For now, Shiba Inu exhibits renewed strength as Shibarium rebounds and key metrics jump sharply. Exchange outflows, whale accumulation, and rising burn rates support potential upside. Short-term technical patterns suggest a rebound may be possible. Investors should monitor resistance and support levels to gauge market sentiment and trading opportunities.
