Shiba Inu rockets toward breakout as Shibarium locks $100M—memecoin mania or legit utility?
Shibarium, the Layer-2 blockchain powering Shiba Inu’s ecosystem, just smashed the $100M total value locked (TVL) barrier—fueling speculation the dog-themed token could be primed for a surge.
Once dismissed as a Dogecoin knockoff, SHIB’s infrastructure play now boasts real traction. But let’s be honest: in crypto, even utility can’t escape the gravitational pull of hype cycles. Traders are already piling in, betting this milestone flips Shiba Inu from meme to mainstream.
Will Shibarium’s growth actually translate to SHIB price action? Or is this just another case of ‘number go up’ theater? Either way, the degens are locked and loaded.
Shibarium transactions | Source ShibariumStats
More data shows that more SHIB coins are being taken out of circulation through token burns. The daily burn rate rose by 30%, bringing the total coins in circulation to 594 trillion.
Shiba Inu price analysis
The weekly chart shows that SHIB has been in a sustained downtrend since peaking at $0.000033 in November last year. Despite this, the token remains above the ascending trendline that connects the lowest swing points since June 2023.
Shiba Inu has also formed a harmonic XABCD pattern that began in March 2023, when it peaked at $0.000045. The AB leg occurred between August and November, while the BC leg formed between November and April.
Therefore, the coin will likely jump to $0.000045, up by 265% from the current level. This forecast will likely take a few months or years to happen since it is based on the weekly chart.
