Shiba Inu (SHIB) market activity has been on the rise again, leading to speculations of another market rally. According to CoinMarketCap, the SHIB price has increased by 154% in the year-to-date (YTD) price metrics. However, the meme coin has been struggling since attaining the $0.00003343 mark, with a slight 5% decline in the past week.
Although the market sentiment is bullish, the SHIB crypto has failed several attempts to break through the $0.000028 resistance zone, a previous support level. As noticed on Tradingview, the SHIB price has dropped below the 30-day SMA ($0.00002752), with technical indicators like the Average Directional Index and Commodity Channel Index all neutral.
However, the RSI is 44 and not yet in the overbought zone. As such, the meme coin is expected to witness a big move soon. Crypto analyst MarketMaestro shares a similar opinion, claiming that Shiba Inu’s price will hit $0.000043 soon. However, another analyst, Bora Kahin, thinks that Shiba Inu needs to regain the $0.000030 to witness a big move.
Meanwhile, a new decentralized finance (DeFi) token, Elluminex (ELX), is projected to outpace the Shiba Inu 2021 bull season record.
The new DeFi protocol is on a mission to bring cross-chain and bridging solutions required for projects on the TON network to access and utilize vast liquidity in the ecosystem, solving liquidity fragmentation problems across the DeFi market.
Outside of that, Elluminex is solving other common problems in the DeFi ecosystem, such as high gas fees, complex interfaces, and limited access to early-stage investment opportunities. The aim of Elluminex is to connect isolated blockchains and offer them a high level of liquidity that is hard to match by other platforms, opening lucrative opportunities to users.
Leveraging the power of the TON blockchain, Elluminex DEX will offer unparalleled speed, security, and scalability to the over 950M active network users while allowing users to trade seamlessly with little or no slippage and earn profits. With that, more developers and projects will launch on the chain, similar to what Uniswap is offering to the Ethereum ecosystem.
Outside of the advanced trading features like the AI-powered portfolio tracker, which allows users to monitor and gain insights into the market, there is also the over-the-counter platform, which gives users early access to new projects. All these features will boost the growth of Elluminex. Given its limited 350M total supply and deflationary mechanism, the ELX price is projected to surpass the Shiba Inu 2021 record in the coming months.
Shiba Inu witnessed massive rallies in the 2021 bull season, hitting an all-time high (ATH) of $0.00008845, which has remained to date. However, Elluminex might surpass the record in 2025. The new DeFi coin is backed by fantastic features, which will likely drive its adoption.
