• The Xshiba meme coin had thin liquidity on the Uniswap DEX with on-chain data showing about 223 holders.
• The Xshiba’s high daily traded volume to market capitalization ratio shows the meme coin could rally further in the coming weeks.

The cryptocurrency market barely lacks a token that is on the bull rally despite a general bearish outlook. In most cases the meme coin industry attracts more scalp speculative traders, hence registering higher volatility due to its lower liquidity. In the past few days, the second largest meme coin, Ethereum-based Shiba Inu (SHIB) announced the successful launch of its layer two scaling solution dubbed Shibarium network.

With early Shibarium depositors now able to withdraw staked assets, DeFi developers have already initiated integration with the L2 network.

Amidst the Shibarium hype, a new meme coin dubbed Xshiba Inu (Xshiba) launched to ride on the Shibarmy’s enthusiasm.

According to the latest crypto market data provided by Binance-backed Coinmarketcap, Xshiba traded at around $0.00000375 on Monday, up approximately 100 percent in the past 24 hours. Notably, the Xshiba meme coin has a market capitalization of about $36.4k and an average traded volume of approximately $4.02 million.

Essentially, a higher daily traded volume than the market capitalization is interpreted as an immense demand that outshines the supply. As a result, the Xshiba price is likely to continue with upward momentum in the near future. However, experts warn that an increase in bullish sentiment on a given digital asset is often followed by a market reversal, as the early buyers and the team dump the tokens into the market.

Xshiba and the Market Outlook

According to the project’s official website, the sole purpose of the Xshiba token is to empower and support the future of Shiba Inu. The Xshiba team highlighted that it is working on bringing together a vibrant online global community through a reliable ecosystem. According to the on-chain data from dexscreener, Xshiba had a liquidity of about $10k on Uniswap V2 through the WETH coins.

Nonetheless, Xshiba integrated the Uniswap swap capabilities on its official website to enable seamless trading of the meme coin and other digital assets. With a total supply of about 10 million, about 70.4 percent of Xshiba has been set aside for liquidity on Uniswap. The staking, farming, CEX, and the Treasury department shared about 4.9 percent each, whilst 10 was designated for airdrop.

The team members have a target of about 10k holders and a market capitalization of approximately $10 million after releasing Shibarium staking and enabling centralized exchanges (CEX) launch.

The future growth prospects of the Xshiba meme coin are highly pegged to the ultimate adoption of the Shibarium network and the underlying Shiba Inu. As a result, for as long as Shiba Inu rides on the future bull market, Xshiba Inu will be well positioned to rally exponentially in the future.