Thanks to rally in DeFi sector assets like $UNI and $SUSHI, Maker and $SHIB are also on the rise
Shiba Inu has been in the news lately due to the upcoming launch of the Shibarium network, and it seems that investors are taking note. In the last 24 hours, SHIB has gained 2.3% to its value and has climbed back above the 50-day moving average. is an upcoming blockchain network that will be linked to the Shiba Inu coin. The exchange will be built on a unique ecosystem that includes SHIB, LEASH and BONE tokens.
It is worth noting that SHIB's price is still relatively low compared to its all-time high, which it reached back in May 2021. However, recent gains might suggest that the meme token is slowly growing out of the meme-inspired character and becoming more promising.Maker , a decentralized autonomous organization that operates the Maker Protocol, is experiencing a massive rally on the market.
Additionally, the most recent transactions made by the Maker co-founder might have also contributed to the rally. This move has been seen as a positive development for the Maker ecosystem, as it signals that the developer is still actively involved in the project and working to improve it. This, in turn, has likely boosted investor confidence in MKR and contributed to the token's recent rally.
As demand for DeFi grows on Arbitrum, the tokens of decentralized exchanges like Uniswap and SushiSwap have rallied in response. Uniswap's UNI token has gained 3.5% in the last 24 hours and has moved through the 200-day moving average, which is a bullish signal for the token. SushiSwap's SUSHI token has also shown a 3.6% price increase, but it is still moving in a downtrend and has not yet broken any major resistances.
The bullish trend of Uniswap and SushiSwap tokens suggests that investors are looking for exposure to the growth of decentralized finance on the Arbitrum network. Decentralized exchanges play a vital role in the DeFi ecosystem as they enable users to swap tokens without intermediaries, which results in lower fees and faster transactions.
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