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.
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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.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.