Shiba Inu (SHIB) has just printed a sudden growth trend, one that might spell a good omen for its price for the rest of this month. The second-largest meme coin is undergoing intense volatility, which pushed it up by more than 6% after sliding as low as sixth in intraday trading. At the time of writing, SHIB is changing hands for $0.0000176 as it keeps up the pace to breach the $0.00002 resistance level.
Shiba Inu and dwindling metrics
The plunge of Shiba Inu into its ongoing recovery mode hinges on two of its key metrics that turned green recently. First is the large transaction metrics, as showcased by data from IntoTheBlock (ITB).
Per this data, the token soared by 1,876.26% in 24 hours, with the volume of the total records of transactions above $100,000 coming in at $884.26 million. This metric is particularly intriguing because Shiba Inu remains a scary token for investors due to its negative correlation with Bitcoin. With whales stacking up the token, it suggests a bullish push in the mid-to-long term.
The second metric is the burn rate, which data from Shibburn confirms has jumped by 446%, with 48,496,045 SHIB making their way to the dead wallet. Since token burning is still largely a manual process, it shows the vote of confidence by SHIB holders to trigger a value boost with Shiba Inu burning.
HOURLY SHIB UPDATE$SHIB Price: $0.00001752 (1hr 1.07% ▲ | 24hr -1.03% ▼ )Market Cap: $10,343,047,048 (-0.85% ▼)Total Supply: 589,272,370,281,215TOKENS BURNTPast 24Hrs: 48,496,045 (446.1% ▲)Past 7 Days: 63,174,749 (-50.57% ▼)
— Shibburn (@shibburn) July 19, 2024
SHIB rebound sustenance
Now that Shiba Inu is undergoing a projected rebound, the question remains whether or not the growth pace will be sustained. The broader crypto industry is facing a unique time, with the spot Ethereum ETF product on track to go live for trading in the United States.
If achieved as predicted in the coming week, the entire altcoin ecosystem will be strengthened and potentially rub off on Shiba Inu. Besides, Shiba Inu has some impressive ecosystem advancements concerning Shibarium, which might solidify its rebound moves.
