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Shiba Inu (SHIB) is eyeing breaching a new record as October comes to an end today. For a month that has generally been tagged favorable for crypto, Shiba Inu has managed 8.6% growth over the past 30 days, with its price pegged at $0.000007936. Despite this relatively smaller rate of gain, Shiba Inu has been consistent with its uptrend and is eyeing breaching the $0.000008 resistance level.
Arman ShirinyanWhile the target is clear, Shiba Inu's metrics are somewhat conflicting. At the time of writing, the trading volume of the token is down by 14% to $115,163,988, a slight indication the buying momentum is fading as the month wraps. Besides the volume, the Shiba Inu burn rate is also at its lowest level in weeks.
Per data from Shibburn, this deflationary metric is currently down by 94.53%, with a total of 5,914,901 SHIB sent to dead wallets. This figure pales compared to the 121,210,538 SHIB burnt in a single day in the past week.
Amid these conflicting on-chain metrics, Shiba Inu remained resilient as its price stayed in the green zone, an indication of a push to hit impressive new milestones in the short term.
Shiba Inu fundamentals to come through
Though Shiba Inu is displaying several conflicting metrics at this time, we can expect its fundamentals to come through in the end. Known for its aggressively positive ecosystem, members of the Shib army are likely to continue burning SHIB no matter how little to help sustain the protocol.
Alex DovbnyaThe usage of Shibarium, the Layer-2 network, is also billed to grow, especially with the minting of the Shib Dream NFT Collection on the horizon. The push to keep faith in the protocol has recently solidified with promises of innovation launches, as teased by lead developer Shytoshi Kusama.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov