Despite the sluggishness in terms of price, Shiba Inu has been doing pretty well in terms of growth over the past year.
Very recently, Sharbi, a Shiba Inu-powered token was launched on Shibarium and has just announced a massive bit of innovation for the Shiba Inu and Shibarium ecosystems:
This innovation is FETCH, a new bridge that links Shibarium, Ethereum and Arbitrum.
According to a recent announcement from Sharbi, FETCH is set to hit the internet, as the latest bit of innovation for the Shibarium ecosystem.
The announcement shows that FETCH is what is called a multichain bridge.
This bridge connects Shibarium to Ethereum and Arbitrum, two of the most widely used blockchains in the defi space, and will allow users to seamlessly transfer tokens and money between these chains.
If this wasn't obvious, to begin with, we are set to see a new era in the Shiba Inu community.
Blockchains being isolated from each other by default means that tokens and assets on one cannot be moved or even used outside the network.
This presents a massive problem to the network and limits interoperability and scalability as users have to switch networks to perform basic functions.
However, with FETCH, users can use these three blockchains seamlessly, without having to switch or choose between security or speed.
With FETCH, users can easily and quickly move tokens and liquidity between Shibarium, Arbitrum and Ethereum. Instead of going through the long path, users can easily deposit their tokens on one chain and receive them on another, in a matter of seconds.
FETCH supports several tokens, including SHARBI, BONE, and others that are approved by the Shibarium DAO
FETCH is also expected to do wonders for the Shiba Inu community by enhancing liquidity on multiple chains, providing increased exposure to a more diverse audience and an improved user experience.
According to data from Coingecko, Shiba Inu currently trades at around $0.059795, after rallying to the upside by around 2%, as shown below:
According to the charts, the ongoing community development might be exactly what Shiba Inu needs to enter a massive rally.
The snapshot below shows the memecoin trading on top of an ascending trendline (indicating bullishness).
Moreover, Shiba Inu also appears to be attempting to break above the $0.00000980 zone.
If we do see a break above this resistance, SHIB could be poised to continue further upwards and even break above the $0.00001195 resistance in an attempt to hit the $0.00001575 resistance from 4 February 2023.
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