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Shiba Inu (SHIB) has returned to its winning ways as the meme coin inched upward by 3.76% and is trading at $0.00001078. Despite being a highly volatile meme coin, Shiba Inu has not been well-favored lately as its growth has been relatively off track compared to other top-ranked digital assets.
When looked at closely, the ongoing upsurge or revival in the price of the meme coin has not been fueled by its on-chain markers. With the burn rate slipping by 99% and the trading volume down by 39.51% over the past 24 hours, the SHIB growth trigger is an external and strong one.
First, Shiba Inu is taking advantage of the broader rally in the industry, with Bitcoin (BTC) gradually paring off its losses with 1.93% growth at the time of writing. Shiba Inu arguably has the greatest sentiment among its peers under the fundamentals associated with its ecosystem.
In reality, many traders are notably waiting for the best opportunities to stack up and go long on the digital token as it is believed that the emergence of Shibarium and the deflationary tendencies it will usher in will boost the price of SHIB in the long term.
Beating community expectations
Just like Arbitrum, there is a general acknowledgment that new protocols, particularly Layer 2 networks on Ethereum, tend to attract more investors or backers because of their ability to create wealth.
This expectation and many others have piled up for SHIB and are bound to influence its price growth even at times when the core markers for growth are nonexistent. Maintaining and beating this expectation, however, is a major worry for core SHIB proponents considering the growing competition among Layer 2 protocols on the Ethereum blockchain.
For SHIB to stay competitive, it must be innovating on a constant basis, and this appears to be what the Shibarium core developers are committed to.
Vladislav Sopov
Dan Burgin