Shiba Inu (SHIB) has emerged as a standout in the cryptocurrency market following the recent interest rate cut by the U.S. Federal Reserve. On Wednesday, the Fed announced a 50 basis point interest rate reduction, its first in four years. After an initial period of market volatility, Shiba Inu started a rally, with its price surging over 6% in the last 24 hours to reach $0.000014.
This represents a significant comeback for SHIB, which had battled to maintain support above $0.000013 the previous week. Trading volume has also soared, hitting $216.95 million—a 60% rise in only 24 hours. Such an increase in volume means that traders are gradually becoming more positive, which can mean further growth for the token. Considering this fact, apart from the spike in the price, other vital indicators, including the daily active addresses, have also risen significantly.
Also Read: Shiba Inu Ecosystem Gears Up for Evolution, TREAT Token to Play Key Role
Shiba Inu’s Network Metrics and Whale Activity
The recovery of Shiba Inu has also been through the expansion of its internal ecosystem. Activity around Whales has increased in the last couple of weeks, as demonstrated by the growing number of transactions from large-scale investors to benefit from the token’s revival. As much as enthusiasts base their hope on burn rates, the SHIB burn rate has been lukewarm however, prior burns have sparked such hope of diminishing supply and, therefore, the need to hike up the token price.
Advertisement
In the future, analysts expect SHIB to be in the condition that it could still push higher. Based on such estimates, it has been forecasted that if SHIB continues with the current rally, the price could be as high as $0.000015 in one week. These more vital network metrics and the presence of whale activity may further help explain this upward trajectory.
In any case, Shiba Inu is ready to build up the following expansion levels while the market remains sensitive to the Fed’s rate cut. This current momentum, however, is favorable, especially for SHIB holders since the token is targeting greater heights in the future.
Also Read: Shiba Inu Community Voices Frustration Over Binance’s Exclusion of BONE Amid New Listings
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.