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The broader crypto ecosystem maintains its bullish outlook after the Bitcoin (BTC) price jumped above the $102,000 mark, benefiting Shiba Inu (SHIB). At the time of writing, Shiba Inu has extended its daily growth rate to 7.2%, with the price pegged at $0.0000241. Beyond the price, several key SHIB metrics have also flipped bullish in the push for a higher valuation target.
Shiba Inu performance metrics overview
While the price is a major point of ecosystem optimism, the Shiba Inu trading volume has also jumped remarkably. As of writing time, trading volume is up 39.28%, with a total of $729,378,145.65 shuffled by market traders.
Godfrey BenjaminThe trading volume of Shiba Inu on major exchanges like Binance and Upbit has also skyrocketed, showcasing the widespread appeal of the token.
Shiba Inu Open Interest has also skyrocketed by 12.67% in the past 24 hours. Current market data from CoinGlass shows that SHIB open interest has seen 22.66 trillion tokens committed by traders on the futures market.
As an ecosystem, Shiba Inu is on the frontline of rolling out new projects, products and community-centered initiatives that are boosting the ecosystem hype.
SHIB price projection
Unlike XRP, which has recorded an epic breakout, Shiba Inu still lags in its growth tracks during this bull cycle.
Gamza KhanzadaevDespite flipping the psychologically important resistance level at $0.000023, SHIB is still down by 74% from its all-time high (ATH) of $0.00008845. With the current ecosystem hype, the confidence that SHIB might pare off this ATH loss gap remains high.
However, sustaining the $0.000024 price mark as a support zone amid intense volatility will determine the next moves. As a major demand source, SHIB whales are active during this period and might help boost the token’s resilience in the short term.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin