Shiba Inu price targets 200% gains despite Solana memes, Dogecoin dominance

Shiba Inu’s price finally broke above $0.000033 on March 28, up 38.2% in the past week, while market indicators highlight the key catalysts behind the ongoing price breakout.

With 6% gains in the last 24 hours, Shiba Inu (SHIB) has emerged as the second-best performing asset among the top 50 ranked memecoins.

SHIB surges 38% after weeks of consolidation

On March 5, Shiba Inu’s price surged to a three-year peak of $0.000045 amid a historic memecoin market boom. Since then, SHIB has slid into a two-week consolidation phase, as Solana memes like Dogwifhat (WIF), BONK, and SLERF took center stage.

Between March 5 and March 20, SHIB’s price dipped 47.9%, but as the market demand slowed during those two weeks, existing holders showed remarkable resilience.

While media coverage tilted overwhelmingly towards the Solana meme ecosystem in mid-March, majority of the existing Shiba Inu holders held firm, enabling SHIB price to avoid downswing below the critical $0.000029 territory, until the market momentum swung bullish again around March 20.

As seen in the chart, the Shiba Inu price has been on an upward trajectory over the past week. With five green candles out of the last eight, SHIB’s price has surged 38.2%.

Looking beyond the SHIB price action, vital market indicators reveal major bullish catalysts behind the latest momentum swing.

Shiba Inu adoption rate surges above 30-day average

On March 28, Shiba Inu outperformed every listed memecoin except Dogecoin with 6% gains in the last 24 hours. A closer look at underlying on-chain data trends shows that the ongoing rally is mainly driven by new entrants bringing in fresh capital.

IntoTheBlock’s new adoption rate metric tracks the total percentage of transactions on a blockchain network that new users executed.