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Shiba Inu (SHIB) has surprisingly wriggled out of the bearish zone after its price jumped as high as 5.5% in the past 24 hours to $0.000008898, per data from CoinMarketCap. With this growth, Shiba Inu is printing its first major growth in more than a week, underscoring the possibility of the price soaring to a new high in the short term.
The unexpected rebound in the price of Shiba Inu has left many wondering what might be next for the meme coin. Already, it has set a new standard for tokens in the asset class, a rare feat considering how it generally lags behind the likes of PEPE and Solana-based rival BONK.
Alex DovbnyaLooking forward, the prospect of erasing one more zero remains a key subject of debate in the Shiba Inu ecosystem. Per the current on-chain outlook, Shiba Inu is yet to regain pace in its embrace as showcased by daily trading volume, which has dropped by more than 33% to $103,074,070.
However, the inherent bullish sentiment on the broader market is a big boost to help SHIB welcome some capital inflows moving forward.
SHIB recovering metrics
As the crypto market tested a new monthly bottom earlier this week, on-chain signals show Shiba Inu recorded an immense slump in other areas beyond price. These areas include address profitability, Daily Active addresses and a plunge in burn rate after months of visible uptick.
Yuri MolchanThese negative trends might turn out positive in the bid to help Shiba Inu regain its lost price marks. Aligning with key market rules, after an epic drawdown, sellers are expected to cool off and begin a reaccumulation phase. The setup is already done for Shiba Inu and the growth catalysts are activated, setting it up for impending growth.
Whether or not it surpasses the $0.00001 price mark after erasing a zero is now a function of whether it can fight the ultimate resistance at $0.000011.
Arman Shirinyan
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin