Shiba Inu (SHIB) is yet to see a cooling off period in its price following the parabolic run it picked up over the past week that saw its price erase a zero. At the moment, the meme currency has leap by 33.78% in 24 hours to 0.00002663 dollars.
Shiba Inu (SHIB) is yet to see a cooling off period in its price following the parabolic run it picked up over the past week that saw its price erase a zero. At the moment, the meme currency has leap by 33.78% in 24 hours to 0.00002663 dollars.
Bullish Shiba Inu Price Metrics
Beyond the current result in the Shiba Inu price, the cryptocurrency has risen more than 177% in the last seven-day period. Its growth is now complemented by the 196% increase in valuation over the last month.
Shiba Inu had a long waiting period before reaching this point, as the $0.00001 resistance level formed a major barrier for over a year. After breaking above this level and hitting a year-to-date high of $0.00002742, the token appears poised for more ambitious price rises in the future.
Current overall market sentiment supports this growth initiative. Bitcoin price is on a parabolic run, reaching $64,000 at the time of writing for the first time since November 2021. This has notably sparked a market-wide rally that is benefiting many altcoins at the moment.
With the correlation that Shiba Inu exhibits, it is also likely to continue rising until it reaches its previous ATH of $0.00008845.
Shiba Inu burn
Shiba Inu price is gaining ground partly due to reduced SHIB supply stemming from burn rate sentiment. To sustain the deflationary trend of recent months, data from shibburn shows that in 24 hours 68,774,992 SHIB have been withdrawn from circulation, which represents a growth rate of 3.74%.
Shiba Inu has fewer internal triggers which can help make a difference in its price. However, with complementary deflation and overall market resurgence, the meme coin price could be on track for another historic rally.
