💥💥💥 #shibaInu ($SHIB ) Jumps 4.28% in Unusual Price Recovery Stunt
Shiba Inu (SHIB) is currently spearheading the #memecoin🚀🚀🚀 resurgence, having surged by 4.28% in the past 24 hours to $0.0000187, according to CoinMarketCap. This marks the coin's first significant price increase since June 7, indicating that its worst days may be behind it.
Shiba Inu Metrics on the Rise
- As Shiba Inu gains bullish momentum, various ecosystem metrics are also showing positive trends. The SHIB burn rate has seen a 44.67% increase, with a total of 17,259,834 SHIB sent to burn addresses. Additionally, whale transactions, tracked by IntoTheBlock, have jumped by 45.81% in 24 hours, reaching $139.36 million. This increase in whale accumulation is crucial for Shiba Inu's overall market health.
Can SHIB Surpass the $0.00002 Resistance?
- With these encouraging metrics, the Shiba Inu community is optimistic about the coin flipping the $0.00002 resistance level to establish it as a new support in the short term. The coin dipped below this level on June 17, part of a 24.7% decline over the past month. Overcoming this resistance could help SHIB recover more of its lost value in the near future.
Leveraging Shiba Inu's Strengths
- Shiba Inu has positioned itself as a bridge between meme coins and more traditional assets in terms of gains. While it can be highly volatile, it also shows resilience at times, a dual quality that could allow it to decouple from Bitcoin's influence in the long term, similar to XRP. The Shibarium utility boost and other native Shiba Inu metrics further drive demand for the token, enhancing its appeal.
Overall, Shiba Inu's recent performance and metrics suggest a potentially positive outlook, with the possibility of reclaiming key resistance levels and driving future gains.
Source - u.today
