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Shiba Inu (SHIB) Eyes Dramatic Rebound, One Obstacle Looms

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Sat, 18/05/2024 - 12:03
Shiba Inu (SHIB) Eyes Dramatic Rebound, One Obstacle Looms
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Shiba Inu (SHIB) is eyeing a dramatic rebound in the market today as Bitcoin (BTC) returned to $67,000 for the first time in over three weeks. Shiba Inu is taking in some of the bullish sentiment, up by 10% over the trailing seven-day period to $0.00002499, per CoinMarketCap’s data. For Shiba Inu, the metrics are lit up with some contrasting bearish trends also appearing on-chain.

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SHIB 1D Chart. Source: CoinMarketCap

Shiba Inu has recorded a more or less wavy motion in the past 24 hours where its price has soared by 0.85%. The token has made several attempts to break past the $0.00002461 to $0.0000253 price range with no success.

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This is understandable considering the SHIB volume has remained relatively low, serving as a barrier to uplifting prices. Per current on-chain data, the major downturn is the token’s volume, which is down 36.76% to $407,626,780. With a reduced buying moment, it depicts bearish sentiment, one that might keep the prices below the $0.0000253 breakout point for much longer.

Shiba Inu remains one of the most watched meme coins in the market. There have been several attempts to reclaim its spot in the top 10 list of digital currencies, but its generally bearish outlook in recent times has favored protocols like Toncoin more in this regard.

Shiba Inu has made several headlines in the past with upgrades and milestones recorded on Shibarium, its Layer-2 scaling solution. From the hard fork of Shibarium to the long-awaited launch of ShibaSwap on the L2, the opportunities to beat the general market trend remain high.

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Shiba Inu whales have also shown readiness to help crunch the liquidity of the token in circulation. As reported earlier by U.Today, a Shiba Inu whale suddenly came back to life after three years to take in a profit worth $3.2 million.

While many headwinds are on the horizon, SHIB aims to maintain its resilience around the $0.000025 mark.

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