Last updated on May 18th, 2024 at 11:52 am
Popular meme coin Shiba Inu is on its part to recovery as it has experienced a spike in its price over the last 24 hours. In an interesting turn of events, the dog-themed cryptocurrency has moved out from the bearish zone after jumping by over 5% over the last day.
Shiba Inu is printing its first major growth in over a week amidst the global cryptocurrency market witnessing a significant price slump with flagship crypto Bitcoin trading as low as $39,900 according to data from CoinMarketCap.
The new price trend underscores the possibility of Shiba Inu undergoing a surge to a new high in the short term. Meanwhile, the Shiba Inu community has been left wondering what is next for their favorite meme coin.
SHIB has already established a new benchmark for tokens in the asset class, which is remarkable given that it typically trails behind competitors like PEPE and BONK.
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The possibility of Shiba Inu erasing another zero has been a key discussion in the Shiba Inu ecosystem. According to the on-chain forecast, Shiba Inu’s adoption is still lagging, as demonstrated by the daily trading volume, which has decreased by over 33% to $96,694,345.
However, the general bullish sentiment across the global crypto market is a key boost to help Shiba Inu welcome some new capital in the form of investors shortly.
Shiba Inu slumps in other metrics
Meanwhile, Shiba Inu has recorded a slump in other metrics including address profitability, Daily Active addresses, and a drop in burn rate after several months of visible increase.
According to Shibburn – a SHIB burn tracker, the Shiba Inu burn rate has dropped by over 80% compared to the previous day, burning a little over 14 million tokens.
However, these negative slumps might turn out to be positive in a move to help the token regain its price mark. According to important market guidelines, sellers are anticipated to calm down and start a reaccumulation period following an epic drop.
The groundwork has been set for Shiba Inu and the growth stimulant has already been activated which will likely set it up for a surge soon.
SHIB price today
Source: Coinstats
According to data from Coinstats, SHIB is currently trading at $0.0000088 with a live market cap of $5,241,013,196 ($5.2 billion). Furthermore, Shiba Inu occupies the #17 position on the global crypto market chart with a circulating supply of 590 trillion tokens.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.