# Analysis of Shiba (SHIB)
SHIB
## Current Market Performance $SHIB
According to the latest market data, the price of Shiba (SHIB) against the US dollar (USDT) is currently recorded at:
- Current price: $0.00001395
- Highest price in the last 24 hours: $0.00001416
- Lowest price in the last 24 hours: $0.00001390
- Trading volume in the last 24 hours: over $340 million
Data indicates relatively limited fluctuations in the currency's price during the current session, with a slight dominance of the downward trend in recent hours.
## Project Overview
Shiba Inu (SHIB) started as a meme project for Dogecoin, but has evolved into a comprehensive ecosystem platform that includes:
- A dedicated Layer 1 network called ShibaChain, built on Ethereum technology, aimed at reducing transaction fees and increasing speed.
- A decentralized exchange platform (ShibaSwap) that allows token trading, providing liquidity and earning rewards.
- A vibrant ecosystem that includes other symbolic tokens such as LEASH and BONE, along with initiatives in digital art and gaming.
## Factors Influencing Price
### 1. Technical Factors
- The currency is moving within a narrow range after a period of correction, which may indicate potential accumulation before any future movement.
- The main support level is at $0.00001950, while $0.00002200 is considered an important resistance level that needs to be broken to confirm any upward trend.
### 2. Fundamental Factors
- The development of the ecosystem's infrastructure, such as launching new applications or strategic partnerships, is seen as potential growth catalysts. $BTC
- Strong community activity is one of the project's standout features, where individual investors play a significant role in driving innovation and adoption.
### 3. External Factors
- Shiba is significantly influenced by the price movement of Ethereum (ETH), due to its reliance on the Ethereum network. $ETH
- Any positive developments in the meme coins sector or a resurgence of interest in community projects could reflect positively on its performance. #ETHReclaims3800
#CryptoScamSurge
#BTCvsETH
#CryptoMarket4T