The migration of large assets within the Ethereum ecosystem to the Solana network via the Sunrise bridge has begun to yield concrete financial outcomes. Notably, the integration of the official and canonical version of Shiba Inu on Solana has not only expanded the token‘s reach but also accelerated new capital inflows.
Immediate Impact on Pricing
According to hourly charts from TradingView, soon after the announcement, a bullish divergence was observed in the RSI indicator. Shiba Inu rebounded from its local low of $0.000055 to test a range between $0.0000588 and $0.0000598. This resulted in a daily gain of 3.89% and a weekly increase of 2.69%.
Such rapid response in an asset with significant market capitalization is primarily attributed to opening a lower-cost trading channel. The average transaction fee on the Solana network stands at 0.000005 SOL, making trading more favorable, particularly for frequent individual traders. However, there has been no change in the original ERC-20 token supply.
The Shiba Inu community described this move as “a second front,” and the official slogan was “Different chain, same dog.”
Learning from the PEPE Example
The influence of the Sunrise infrastructure had been previously demonstrated with PEPE. The implementation of the canonical PEPE bridge on Solana on September 18 showcased how cross-chain integration can generate market momentum. In the first 48 hours post-integration, PEPE saw its value increase between 5% and 8%, climbing above the $0.0000036 to $0.0000038 range.
A subsequent short squeeze led to the liquidation of more than $2 million worth of short positions. At the peak of its climb, PEPE reached the $0.0000051 to $0.0000054 range on September 21 and 22. Consequently, its market value rebounded past $2 billion, reflecting a 40% gain since the start of the month.
Although a correction in October saw PEPE’s price fall back to the $0.0000043 to $0.0000045 band, it remained noticeably above pre-integration levels.
Rising Competition Within Solana
Successful examples facilitated by Sunrise have begun to create templates for systematic capital inflows. Canonical tokens issued under the Wormhole NTT standard are quickly integrating with major platforms within the Solana ecosystem, including notable players like Jupiter, Raydium, Phantom, and Kamino. Known as an interoperability protocol, Wormhole facilitates asset and data transfers across various blockchains.
Glossary: Wormhole NTT is a standard aimed at preserving the total supply structure when tokens are transferred across different networks. A canonical token represents the official and verified version of an asset on a specific network.
The migration of significant token communities to Solana might disrupt internal transaction volumes, imposing pressure on native projects within the host chain. BONK is an example; its trading volume dwindled following delistings from several Asian exchanges.
Warnings Against Misleading Liquidity Pools
The intense interest surrounding Shiba Inu’s Solana move has also led to the proliferation of fake liquidity pools on decentralized exchanges. The development team has cautioned users to consider only the verified canonical smart contract address.
Developers emphasize that the only verified canonical contract address is shib5gSoVKPjwkXrxRk7SbQFzb2R9rQB3TgQWYX4RwW.
