The attempt by Shiba Inu (SHIB) to upturn its bearish outlook has proven to be more daunting than anticipated. At the time of writing, the meme coin is trading for $0.000008847, down by 0.19% in the past 24 hours. For the better part of January, Shiba Inu has been on a downtrend, and with the current outlook, it is down by 14.35% year-to-date (YTD).
Three metrics hint at SHIB resurgence
Shiba Inu investors, particularly those HODLing for the long term, typically view the potential of SHIB with a different lens. While the price and trading volume might be low at this time, the underlying profitability of SHIB addresses has jumped from 24%, as reported earlier, to 25.42% at the time of writing, per data from IntoTheBlock.
With an increase in profitability, it becomes obvious that things are not as bad as the superficial data presents them to be at the moment. Another major metric indicating a bull run might be imminent is the burn rate, which has sustained its parabolic uptick over the past few weeks. Despite moments of minor slumps, millions of SHIBs are still sent to dead wallets daily, contributing to the deflationary nature of the asset.
Third, the actions of Shiba Inu whales have become pivotal to their potential for growth in the long term. Whales have continued to stack up SHIB, adding to the supply crunch that the burn rate has ushered in across the board.
With these metrics, all Shiba Inu requires is a shift in the stance in the general market outlook before printing its long-awaited bull rally.
Shiba Inu and meme coin competition
Shiba Inu has continued to fend off competition from smaller meme coin rivals like PEPE and BONK. Despite a generally unfavorable market for the meme ecosystem at the moment, Shiba Inu has continued to make advances in Shibarium and in bringing new products to the market, like its newly introduced SHIB Name Service offering.
The Shiba Inu strategy is simple, and it involves building its infrastructure so it can maintain sustainable demand traction in the long term.