As a researcher with experience in the cryptocurrency market, I find Shiba Inu’s (SHIB) recent price surge of 4.28% in the past 24 hours to be an encouraging sign after weeks of bearish trends. This uptick suggests that the worst days for SHIB might be over, and it is worth keeping an eye on this meme coin’s progress.
As a crypto investor, I’m excited to see Shiba Inu (SHIB) taking the lead in the meme coin market rebound. After navigating out of the bearish zone, SHIB has experienced a significant surge of 4.28% within the last 24 hours, reaching a price of $0.0000187 according to CoinMarketCap data. This is the first notable price increase for the coin since June 7. The upward trend implies that the toughest times might be behind us.
Shiba Inu metrics light up
As the excitement around Shiba Inu continues to grow, various key performance indicators within its ecosystem have experienced a surge. Specifically, the burn rate – which measures the amount of tokens being permanently removed from circulation – has witnessed a significant increase of 44.67%. Consequently, over 17 million SHIB coins, equivalent to approximately 0.0001% of the total supply, have been transferred to burn addresses.
The number of significant whale transactions involving Shiba Inu, according to IntoTheBlock, has surged by 45.81% within the past day, reaching a total of $139.36 million. This trend of large-scale whale purchases plays a pivotal role in the overall wellbeing of the Shiba Inu market.
Based on these metrics signaling a shift in public opinion, the burning question among investors is if Shiba Inu can reverse its previous resistance level of $0.00002 and transform it into a new support in the near future. This level was breached on June 17, representing an unexpected decline from the significant 24.7% drop the coin experienced over the past month.
As a researcher studying market trends, I would interpret a breakthrough of the current resistance level as a potential catalyst for the asset to regain significant ground and reach previously attained highs in the short term.
Building on Shiba Inu advantage
Shiba Inu consistently straddles the line between meme tokens and traditional assets when it comes to price increases. Despite occasional volatile swings, this digital currency is also recognized for its ability to bounce back during less turbulent periods.
The double-sided momentum is a significant strength this asset possesses, potentially enabling it to break free from Bitcoin‘s dominance in the future, similar to XRP. Additionally, Shibarium’s utility enhancement and other native indicators of Shiba Inu’s value are fueling interest in the token.
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2024-06-19 13:06