Shiba Inu Jumps 3.2% After Solana Launch via Sunrise Bridge
Shiba Inu (SHIB) has officially launched on the Solana network through the Sunrise bridge, sparking a 3.2% price surge and a 228% spike in trading volume within hours. The token is now trading at approximately $0.000005879, with volume exceeding $112 million, according to CoinMarketCap. The integration also contributed to a 5% weekly gain for SHIB.
Technical analysis shows that the Relative Strength Index (RSI) formed a bullish divergence after the announcement, with SHIB bouncing from a local low near $0.0000055 before testing resistance in the $0.00000588, $0.00000598 range. The verified canonical address for the smart contract is shib5gSoVKPjwkXrxRk7SbQFzb2R9rQB3TgQWYX4RwW, which is crucial due to the presence of fake pools on decentralized exchanges.
The move to Solana offers a cheaper trading route, with average fees on the network as low as 0.000005 SOL. This integration allows SHIB to connect with key platforms like the Jupiter aggregator, the Raydium DEX, Phantom wallets, and the Kamino DeFi protocol. The supply of the original ERC-20 token remains unchanged.
The success of SHIB’s listing follows a similar trend seen with PEPE, which gained between 5% and 8% in the first 48 hours after its Sunrise bridge launch on September 18. However, the influx of popular tokens like SHIB and PEPE can redistribute trading volume on Solana, potentially affecting native projects like BONK.