According to U.Today, Shiba Inu (SHIB) has experienced a sudden growth trend, potentially signaling a positive outlook for its price this month. The second-largest meme coin has seen intense volatility, rising by over 6% after dropping to sixth place in intraday trading. Currently, SHIB is trading at $0.0000176, aiming to breach the $0.00002 resistance level.
The recent recovery of Shiba Inu is attributed to two key metrics that have turned positive. The first is the large transaction metrics, with data from IntoTheBlock (ITB) showing a 1,876.26% increase in 24 hours. The volume of transactions above $100,000 reached $884.26 million. This surge is noteworthy as Shiba Inu has a negative correlation with Bitcoin, making it a risky investment for some. However, the accumulation of SHIB by whales suggests a bullish outlook in the mid-to-long term. The second metric is the burn rate, which has jumped by 446%, with 48,496,045 SHIB sent to the dead wallet, according to Shibburn. This manual token burning process indicates confidence among SHIB holders in boosting the token's value.
As Shiba Inu undergoes a projected rebound, the sustainability of this growth remains uncertain. The broader cryptocurrency market is at a pivotal moment, with the spot Ethereum ETF product expected to begin trading in the United States soon. If this occurs as anticipated, it could strengthen the entire altcoin ecosystem, potentially benefiting Shiba Inu. Additionally, advancements in Shiba Inu's ecosystem, particularly concerning Shibarium, may further support its rebound efforts.
