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The official Shiba Inu X account has issued an assuring message to the SHIB community as the broader crypto market faces uncertainty.
In a tweet, Shiba Inu X account wrote, "Memes built our foundation, Utility’s building our future. Together, they’re unstoppable." The market is still gripped by "extreme fear," with the Fear and Greed Index currently at 12/100 as altcoin liquidity remains thin.
Last Friday, Shiba Inu fell to lows of $0.0000071, last seen in October 2023, as the broader crypto market fell. At press time, Shiba Inu was slightly unchanged in the last 24 hours, up 0.94% to $0.000007998. Altcoins broadly continue to struggle with a lack of liquidity and demand for speculative risk assets impacting prices.
While sentiment remains fearful, from a technical perspective, most crypto assets are now in a "neutral" territory, neither oversold nor overbought. In the coming days, the Bitcoin price action will be watched with a move back up to $90,000, sparking a rebound on the market.
Shiba Inu metrics rebounding
A number of Shiba Inu metrics have returned to green: the Shiba Inu burn rate was higher by 1,087% in the last 24 hours, with 15,970,661 SHIB burned.
Shiba Inu's layer 2, Shibarium, is seeing an uptick in transactions. From Nov. 18, Shibarium transactions have increased from 1,850 to 3,960 on Nov. 23, a 114% rise in a matter of five days.
This remains significant as the Shiba Inu price continues from Saturday's low of $0.00000756 into the second day, reaching an intraday high of $0.00000814.
December is expected to be major for Shiba Inu as Coinbase will be launching new U.S. perpetual-style futures for the dog token on Dec. 12. On Dec. 5, 24/7 trading will go live for all altcoin monthly futures from Coinbase Derivatives.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team