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The combined digital currency ecosystem has pared off its losses from the past week after a swift rebound pushed Bitcoin (BTC) and altcoins like Shiba Inu (SHIB) to a new monthly high. Shiba Inu, in particular, has recovered from its worst sell-off earlier in the week and is now changing hands for $0.00001309, up by 3.33% in the past 24 hours, per data from CoinMarketCap.
Shiba Inu growth trend: The catch
Considering its uneven trend, attaining its current price is a lot of hassle. On March 1, the SHIB price traded at $0.0000401 and peaked at around $0.0000507 over the past seven days. However, this uptick was short-lived, as the token soon nosedived to a low of $0.00001234 following a massive crypto liquidation trend.
Godfrey Benjamin
Despite the bearish volatility, the price of Shiba Inu quickly picked up the pace and charted new growth, as currently seen. With Shiba Inu reclaiming the $0.000013 level, the token needs to sustain this support to regain its lost ranking by market capitalization.
Amid the shift in the broader price outlook, SHIB was displaced from number 15 to number 20 in the rankings. If the latest uptick continues, Shiba Inu might reclaim its lost ranking.
SHIB and its ecosystem
The broader market outlook strongly impacts the Shiba Inu ecosystem and its trackable growth metrics. The SHIB burn has proven erratic, with three days of consecutive slumps in tokens sent to dead wallets.
Beyond this, the Shibarium transaction count has nosedived from an average of four million earlier in the year to around 56,000 today. While the Shiba Inu team often encourages community builders to focus on what matters, the valuation outlook is not helping.
However, Shiba Inu has retained its position as the second most valuable meme coin. This unique recognition may help drive a massive price uptick when altcoin season sets in.
Dan Burgin
Vladislav Sopov