Shiba Inu (SHIB) Eyes Multi-Month High as Volume Jumps 17%

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Currently, Shiba Inu (SHIB) is once again drawing attention due to a surge in its key performance indicators, following a favorable trend among altcoins. At this moment, information from CoinMarketCap shows that SHIB’s price stands at $0.00002421, representing a 1.66% increase over the past 24 hours. Shiba Inu has given optimism to investors as its price climbed from a recent low of $0.00002372 to its current level.

Shiba Inu multi-month play

As a crypto investor, I’ve noticed that the highest point my token reached within the past 52 weeks was at $0.00004533 back in March of this year. Since then, it’s dipped and tested various lower highs in subsequent months, but unfortunately, it hasn’t managed to regain that peak price yet.

On the other hand, it appears that the pattern could be shifting due to increasing acceptance of the token. According to statistics from CoinMarketCap, the trading volume has surged by more than 17% to reach $481.8 million, suggesting a rise in investor enthusiasm for the token.

Shiba Inu consistently demonstrates an ideal level of unpredictability, which allows for a clear path of development. Yet, due to its strong association with Bitcoin, its value tends to move within a specific price band rather than experiencing significant fluctuations.

Due to increased interest in retail trading and significant movements by SHIB whales, it’s possible that the price of Shiba Inu could soon reach or even surpass its monthly high of $0.00003228. If this happens, breaking the yearly high resistance level might become more achievable.

Hyped SHIB ecosystem

Through a consistent reduction in the supply of SHIB tokens via the burn campaign, Shiba Inu provides compelling evidence supporting the potential long-term expansion of its core principles. The introduction of scarcity to its token pool entices investors to view this platform as a promising long-term investment opportunity.

Developers of Shiba Inu have persistently worked towards launching new products on their Layer-2 scaling platform, Shibarium. Notably, SHIB The Metaverse has just been activated on this protocol. This move paves the way for the broader meme coin sector to meet its long-term development commitments to the community.

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2025-01-07 12:56