As a seasoned researcher with extensive experience in the crypto market, I’ve witnessed countless ups and downs of various cryptocurrencies, including Shiba Inu (SHIB). And let me tell you, this meme coin has been quite the rollercoaster ride.
Shiba Inu (SHIB) has experienced a surprising surge in value recently, potentially indicating positive price movement for the remainder of this month. The second largest meme coin is currently experiencing significant price fluctuations, causing it to rise by over 6% after dropping as low as sixth place intraday. At present, SHIB is being traded at $0.0000176 as it continues its push to surpass the $0.00002 resistance level.
Shiba Inu and dwindling metrics
The ongoing recovery of Shiba Inu depends on two important indicators that have recently turned positive. One of these indicators is large transaction metrics, as evidenced by data from IntoTheBlock (ITB).
According to the given data, the value of the token increased an astounding 1,876.26% within a 24-hour period. Notably, the total number of transactions involving records above $100,000 amounted to a substantial $884.26 million. This intriguing metric raises curiosity due to Shiba Inu’s reputation as a risky token among investors because of its inverse relationship with Bitcoin. The growing accumulation of the token by large investors (whales) implies a potential bullish trend in the intermediate to long term.
The second measurement is referred to as the burn rate, and according to Shibburn’s data, this figure has surged by an astounding 446%. Approximately 48 million SHIB tokens have been added to the inactive wallet. Given that token burning is predominantly a manual procedure, this trend underscores the strong belief among SHIB investors that initiating burns will ultimately drive up the value of Shiba Inu.
As a seasoned investor with years of experience in the crypto market, I’ve seen my fair share of price fluctuations and market caps shifting constantly. From my perspective, looking at the hourly update for Shib, I notice that its price is currently at $0.00001752, showing an increase of 1.07% over the past hour. However, the 24-hour trend paints a different picture, with a decrease of 1.03%. This volatility can be quite common in the crypto world, but it’s essential to keep a close eye on these fluctuations and adapt accordingly.
— Shibburn (@shibburn) July 19, 2024
SHIB rebound sustenance
With Shiba Inu showing signs of recovery, it’s important to consider if its growth rate will continue at this pace. Amidst the broader crypto market, an Ethereum-based ETF is set to debut for trading in the US stock exchanges.
Should the altcoin market perform as anticipated in the upcoming week, the overall strength of the altcoin sector could significantly improve, benefiting Shiba Inu in the process. Additionally, Shiba Inu’s ecosystem boasts promising developments with Shibarium, which may serve to bolster its recovery efforts.
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2024-07-19 18:44