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After a massive bull run, Shiba Inu (SHIB) is facing a slight correction that seems to be engulfing most altcoins at the moment. Shiba Inu is giving up some of the gains from it with its price set at $0.000007814, down 0.36% at the time of writing. Instead of maintaining a bearish outlook for Shiba Inu, one could say that this current price drop is a foundation for imminent price jumps.
With trading volume reduced by more than 39% to $124,087,955, it is evident that SHIB traders are selling their bags. If this trend continues, we may see a dip that will reignite the buying momentum of investors across the board.
On-chain data according to previous reports shows up to 841% departures recorded during the week. This figure underlines the downward trend in volume, as evidenced by the actual drop in trading volume. It should be noted that Shiba Inu maintains natural volatility and this on-chain data can generally be an over-amplification of the intentions of key market makers.
This intent-amplifying feature serves as the foundation for the advancement of the meme coin. With a drop in price, we can expect a bullish reversal in the coming days.
SHIB Growth Factors to Consider
Shiba Inu could be an independent crypto protocol with its own thriving ecosystem, it is worth noting that the most important of its growth factors is its correlation with Bitcoin (BTC) or the broader market.
With this correlation, we can be sure that an increase in the price of Bitcoin will also cause an increase in that of SHIB and vice versa. Although there are cases of visible decoupling of this trend, the latest price evolution shows that this correlation could be latent but is still very much in existence.
Shiba Inu is also banking on its token burning campaign and the impact of Shibarium as key triggers that may influence its price resurgence.
