Shiba Inu (SHIB) has been in the news lately due to the upcoming launch of the Shibarium network, and it seems that investors are taking note. In the last 24 hours, SHIB has gained 2.3% to its value and has climbed back above the 50-day moving average.
Shibarium is an upcoming blockchain network that will be linked to the Shiba Inu coin. The exchange will be built on a unique ecosystem that includes SHIB, LEASH and BONE tokens. The Shibarium network aims to offer a faster and more secure alternative to Shiba Inu ecosystem investors.
The recent uptick in SHIB's price could be a response to the excitement around the launch of Shibarium, as well as other developments in the SHIB ecosystem. The Shiba Inu development team recently announced the launch of an intake system.
It is worth noting that SHIB's price is still relatively low compared to its all-time high, which it reached back in May 2021. However, recent gains might suggest that the meme token is slowly growing out of the meme-inspired character and becoming more promising.
Maker's unexpected run
Maker (MKR), a decentralized autonomous organization (DAO) that operates the Maker Protocol, is experiencing a massive rally on the market. MKR is an ERC-20 token that serves as the governance token for the Maker Protocol, a system that allows users to mint the stablecoin Dai by using other cryptocurrencies as collateral.
At press time, MKR is gaining 8% to its value, breaking all local resistances around the current price, including the 200-day moving average. The token is currently trading at $852, up from $700 just a few days ago.
Additionally, the most recent transactions made by the Maker co-founder might have also contributed to the rally. This move has been seen as a positive development for the Maker ecosystem, as it signals that the developer is still actively involved in the project and working to improve it. This, in turn, has likely boosted investor confidence in MKR and contributed to the token's recent rally.
DeFi on demand
Decentralized exchanges such as Uniswap and SushiSwap have been experiencing a surge in their token prices amid the rising popularity of decentralized finance (DeFi) on the Arbitrum network, which is an Ethereum Layer 2 scaling solution. This bullish trend suggests that there is increasing demand for risk among investors.
The demand for DeFi protocols on the Arbitrum network has been rapidly increasing as users are looking for cheaper and faster transactions compared to the Ethereum mainnet.
As demand for DeFi grows on Arbitrum, the tokens of decentralized exchanges like Uniswap and SushiSwap have rallied in response. Uniswap's UNI token has gained 3.5% in the last 24 hours and has moved through the 200-day moving average, which is a bullish signal for the token. SushiSwap's SUSHI token has also shown a 3.6% price increase, but it is still moving in a downtrend and has not yet broken any major resistances.
The bullish trend of Uniswap and SushiSwap tokens suggests that investors are looking for exposure to the growth of decentralized finance on the Arbitrum network. Decentralized exchanges play a vital role in the DeFi ecosystem as they enable users to swap tokens without intermediaries, which results in lower fees and faster transactions.