Shiba Inu Gains Momentum After Solana Listing

The expansion of Shiba Inu (SHIB) onto the Solana blockchain through the Sunrise bridge has led to immediate gains for the token. The official launch of the canonical version of SHIB on Solana triggered a price rebound from a local low near $0.000055, testing resistance levels at $0.0000588, $0.0000598. This resulted in a daily gain of +3.89% and a weekly gain of +2.69%. The move to Solana, known for its lower transaction fees, has attracted fresh capital and increased trading activity.

The success of SHIB follows a similar pattern observed with Pepe (PEPE) two weeks earlier. After PEPE's canonical bridge launch on Solana on September 18, the token saw a 5-8% rise in its first 48 hours, breaking out of the $0.0000036, $0.0000038 range. The rally peaked at $0.0000051, $0.0000054, marking a 40% gain since the start of the month. Despite a subsequent correction, PEPE remains above its pre-listing levels.

Sunrise's integration solutions have demonstrated their effectiveness in boosting token performance. The seamless deployment of canonical tokens under the Wormhole NTT standard has facilitated their integration with key Solana platforms like Jupiter, Raydium DEX, and Phantom wallets. This has led to a redistribution of trading volume on Solana, impacting native projects such as BONK, which saw a decline in volume after being delisted from several Asian exchanges.

The SHIB community has embraced the move to Solana, describing it as opening a 'second front' with the slogan 'Different chain. Same dog.' However, users are cautioned to beware of fake pools on Solana's decentralized exchanges. The only verified address for the canonical smart contract is shib5gSoVKPjwkXrxRk7SbQFzb2R9rQB3TgQWYX4RwW.