Shiba Inu Expands to Solana With 3.89% Price Surge

Shiba Inu (SHIB) saw a 3.89% price increase following the launch of its canonical token on Solana via the Sunrise bridge. This expansion provides SHIB holders with a new pathway to access trading and decentralized finance (DeFi) opportunities on Solana’s network. According to TradingView’s hourly chart, SHIB rebounded from a low near $0.000055, moving toward resistance levels between $0.0000588 and $0.0000598, with a weekly gain of 2.69%.

The canonical version of SHIB on Solana does not alter the supply of the original Ethereum-based ERC-20 token but offers an additional network for transactions and DeFi applications. Sunrise, utilizing Wormhole’s Native Token Transfers standard, enables SHIB to interact with Solana-based platforms like Jupiter, Raydium, Phantom, and Kamino. The move also benefits users by leveraging Solana’s lower transaction costs, with a base fee of 0.000005 SOL.

The market showed positive momentum, with SHIB’s relative strength index indicating bullish divergence around the launch announcement. This follows PEPE’s successful September 18 expansion on Solana through Sunrise, which saw a 5% to 8% price surge in the first 48 hours, triggering a short squeeze that liquidated over $2 million in bearish positions.

Both SHIB and PEPE have been integrated into Solana using the same bridge infrastructure, expanding the reach of Ethereum-based meme tokens. Shiba Inu’s official X account highlighted the deployment with the phrase “Different chain. Same dog.” However, users were cautioned about fake SHIB liquidity pools on Solana decentralized exchanges, with developers emphasizing the importance of using the verified canonical contract.