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Shiba Inu (SHIB) Clears One Zero Again as Greed Returns to Market

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Tue, 19/12/2023 - 9:22
Shiba Inu (SHIB) Clears One Zero Again as Greed Returns to Market
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Shiba Inu (SHIB) is back in the game as the price of the meme coin soared as high as 4.5% in the past 24 hours to $0.00001047. Per the current price action, the cryptocurrency has once again erased one zero in its frantic bid to stay consistently uplifted. With the current price outlook, Shiba Inu has now reentered the greed zone, as most of the bulls are now in profit.

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The dramatic shift in price action saw SHIB move from a 24-hour low of $0.000009626 to a high of $0.00001051. The Shiba Inu ecosystem is still characterized by intense volatility and, as such, will be until SHIB forms a strong support above the $0.00001 price level. 

SHIB 1D Chart. Source: CoinMarketCap

Notably, SHIB’s growth comes at a time when most of the token’s metrics are in the green, besides its transaction volume over the past 24 hours. Reduced buying sentiment, marked by a 25% drop to $279,344,958 has not negated the impressive performance of Shibarium, whose total transaction count has soared as high as 141,393,189. 

The Shibarium sentiment has impressively pushed the price of SHIB to new levels, and should there be a push toward resilience, this metric will have a huge role to play.

Shiba Inu needs to buckle up

Shiba Inu is the second-largest meme coin after Dogecoin (DOGE) and boasts a market capitalization of $6,151,209,230. Despite its impressive price figures, many argue that the token is still largely undervalued.

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While there have been a lot of impressive strides as concerns SHIB development, including the onboarding of innovative new partners like Bad Idea AI, the protocol in general may need to buckle up in some areas in which it is lagging behind.

These areas include but are not limited to improving its total burn rate and devising innovative approaches to usher in new and more active users on the network.

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