🚀 How High Will Shiba Inu Price Rally if Shibarium Captures 10% of Ethereum $90B TVL 📈
Shiba Inu (SHIB) is up by 18% since the beginning of May, with the upward momentum coming on the back of a bullish sentiment across the broader crypto market.
Shibarium’s growth has also played a key role in Shiba Inu price gains as the layer two network approaches a $4 million TVL milestone.
Shiba Inu price trades at $0.0000158 today after recording a modest 1.7% gain in 24 hours. The SHIB rally faced rejection at $0.000017, but if it can breach this level and extend the upward trend, it may reach the January 2025 highs of $0.000020.
Shiba Inu’s gains come as the Ethereum-based meme coin continues to track ETH price. The latter has been among the top performers in the last seven days, with a 40% increase.
SHIB’s upward trend in the last seven days has also been fueled by the Shibarium network growth that has added more than $1.5 million to its TVL in just a month.
This growth and the subsequent gains in SHIB price have driven speculation on whether the layer two network is the key to Shiba Inu hitting the $0.001 and $0.0001 price targets.
Ethereum currently has a TVL of nearly $90 billion according to data from DeFiLlama, which means that if Shibarium captures 10%, the layer two network would have a $9 billion TVL.
This indicates that the network’s TVL would have to grow by over 2,000 times from the current $3.79 million to reach ETH.
While Shibarium may be the main trigger that pushes SHIB price to the $0.0001 psychological level, the weekly chart also shows a bullish Shiba Inu price prediction, after the meme coin formed a rounding bottom pattern and overcame resistance at the $0.000016 neckline.
