The second largest memecoin by market cap, Shiba Inu is bucking the trend, posting a whopping 21% price. The trading volume of the meme coin has exploded by 150% to $810 million within the last 24 hours.
A look at the 1-day chart reveals that the Shiba Inu price approached the lower end of the key resistance zone at $0.000013, but was rejected initially. At press time, SHIB was trading at $0.00001254, reaching the early November highs.
To trigger a sustained bullish breakout on the daily chart, SHIB needs to break above the $0.000014 level. For now, however, a corrective move – either by time or price – seems more likely as the RSI is in overbought territory at 86.7.
The jump in the price of Shiba Inu (SHIB) comes after Korean crypto exchange UpBit announced that it has listed the popular meme token. According to the announcement, South Koreans can now buy Shiba Inu directly with the Korean won.
Upbit was the 22nd largest crypto exchange by spot trading volume within the last 24 hours. Also yesterday, SHIB was also listed on Cointree, an exchange that is even smaller by trading volume.
The jump is attributed to linked to the launch of the layer 2 scaling solution Shibarium. As recently as Monday, the developers published a new blog post promising an approaching launch in a couple of weeks.
Shibarium could be a massive bullish catalyst for Shiba Inu. With a market cap of $6.8 billion, it will be the second largest layer 2 solution, while bringing a lot of value to the ecosystem with its own DEXs, NFTs, metaverse, and stablecoin.
