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Shiba Inu (SHIB) is currently leading the meme coin rebound push after it waded out of the bearish zone, with a 4.28% surge in the past 24 hours to $0.0000187, per data from CoinMarketCap. This is the first major price uptick the coin has seen since June 7, a trend that suggests the worst days might be over.
Shiba Inu metrics light up
With Shiba Inu building bullish momentum, several of its ecosystem metrics, like the burn rate, have recorded an equally bullish jump. Though minimal, the Shiba Inu burn rate has jumped by 44.67%, with a total of 17,259,834 SHIB sent to burn addresses.
Alex DovbnyaThere is a growing chain reaction that has seen the total whale transactions, as measured by IntoTheBlock, jump by 45.81% in 24 hours to $139.36 million. This whale accumulation sentiment is vital to the broader health of Shiba Inu.
With these metrics indicating a change in sentiment, the question the community is asking is whether or not Shiba Inu can flip the $0.00002 resistance level as its next support in the short term. The coin fell below this point on June 17, marking an unusual 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.
Building on Shiba Inu advantage
Shiba Inu has always positioned itself as the transitory asset between meme coins and regular assets in terms of gains. While it maintains high volatility on occasion, it is also known to exhibit resilience at other times.
Arman ShirinyanThis dual-faced momentum is a major advantage it boasts of, one that might make it follow in XRP’s footsteps to decouple from Bitcoin’s influence in the long term. The Shibarium utility boost and other native Shiba Inu metrics is also an added advantage driving demand for the token.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin