Shiba Inu (SHIB) is currently leading the meme coin’s rebound momentum after breaking out of the bearish zone, up 4.28% in the last 24 hours to $0.0000187. by data from CoinMarketCap. This is the first major increase in the coin’s price since June 7, a trend that suggests the worst days may be over.
Shiba Inu (SHIB) is currently leading the meme coin’s rebound momentum after breaking out of the bearish zone, up 4.28% in the last 24 hours to $0.0000187. by data from CoinMarketCap. This is the first major increase in the coin’s price since June 7, a trend that suggests the worst days may be over.
Shiba Inu Metrics Light Up
With Shiba Inu generating bullish momentum, several of its ecosystem metrics, such as burn rate, have recorded an equally bullish jump. Although minimal, the Shiba Inu burning rate has increased by 44.67%, with a total of 17,259,834 SHIB sent to burning addresses.
Alex DovbnyaThere is a growing chain reaction that has seen total whale transactions, as measured by IntoTheBlock, increase by 45.81% in 24 hours to $139.36 million. This whale-building feeling is vital to the Shiba Inu’s overall health.
Since these metrics indicate a change in sentiment, the question the community is asking is whether or not Shiba Inu can shift the $0.00002 resistance level as its next support in the near term. The currency fell below this point on June 17, marking a rare decline from the 24.7% drop it recorded over the past month.
A breakout of the immediate resistance level could help it reclaim most of the highs in the near term.
Taking advantage of the Shiba Inu
Shiba Inu has always positioned itself as the transitional asset between meme coins and regular assets in terms of earnings. While it maintains high volatility at times, it is also known to show resilience at other times.
Arman ShirinyanThis two-sided boost is one of the main advantages it boasts, one that could see it follow in XRP’s footsteps in decoupling from Bitcoin’s influence in the long term. The increase in Shibarium utility and other native Shiba Inu metrics is also an added advantage driving demand for the token.
