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Shiba Inu (SHIB) is in the spotlight as the combined crypto market capitalization dropped by another 1.48% in 24 hours to $3.13 trillion. Shiba Inu has, however, decoupled from the general trend, inking a minor uptick within the same time span. Per data from CoinMarketCap, SHIB was trading up 2.2% at the time of writing to $0.00001541.
Shiba Inu example
That SHIB has maintained a positive growth outlook is a major shift for the more volatile meme coin sector. Amid this latest price trends, top rival PEPE has shed off one zero from its price, following heavy sell-off from top whale Nascent.
Tomiwabold OlajideWhile SHIB whales are also still very active, the coin is making major efforts to stay above the $0.00001534 price level. However, to stay up comes at a very major cost that must be watched. Ultimately, this will include a close watch on other key metrics like the trading volume and open interest in the futures market.
The CoinMarketCap data shows trading volume is down by 15.59% to $313,581,884. This downturn shows that the mild uptick is not backed by active trading boom, a trend that must change for sustained price action.
With more than 9.4 trillion committed in SHIB open interest, proponents are projecting a sustained rally for the token in the long term.
SHIB ecosystem hype remains
Godfrey BenjaminThe sentiment in the broader crypto industry hit a new low in the past week as most assets faced bearish consolidation. Amid this, members of the Shiba Inu ecosystem remain hyped about the network, considering product lineup in its road map.
With teases of a big announcement for the ecosystem from lead developer Shytoshi Kusama, the expectation of big utility adoption remains high for the token. Moving forward, top analysts believe Shiba Inu is on track for a rapid rally to reclaim the $0.00002 price mark.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov