According to U.Today, Shiba Inu (SHIB) is currently spearheading the meme coin rebound, having emerged from the bearish zone with a 4.28% surge in the past 24 hours to $0.0000187. This marks the first significant price increase the coin has experienced since June 7, suggesting that the worst may be behind it.
As Shiba Inu builds bullish momentum, several of its ecosystem metrics, such as the burn rate, have also seen a bullish increase. Although minimal, the Shiba Inu burn rate has risen by 44.67%, with a total of 17,259,834 SHIB sent to burn addresses.
In a chain reaction, the total whale transactions, as measured by IntoTheBlock, have increased by 45.81% in 24 hours to $139.36 million. This accumulation sentiment among whales is crucial to the overall health of Shiba Inu. With these metrics indicating a shift in sentiment, the community is now questioning whether Shiba Inu can turn the $0.00002 resistance level into its next support in the short term.
The coin fell below this point on June 17, marking a significant drawdown from the 24.7% slump it has recorded over the past month. A breach of the immediate resistance level might help it reclaim most of the top levels in the near term.
Shiba Inu has always positioned itself as the transitional asset between meme coins and regular assets in terms of gains. While it maintains high volatility at times, it is also known for its resilience. This dual momentum is a significant advantage that could potentially lead it to follow in XRP’s footsteps and decouple from Bitcoin’s influence in the long term. The Shibarium utility boost and other native Shiba Inu metrics also contribute to the demand for the token.