The Shiba Inu ecosystem token, LEASH, maintains positive momentum and continues to show strong price action as of late. During today's trading session, LEASH is up 3% in price and was even up more than 6% at one point. What matters, however, is not the percentage increase, but where this action pushes the LEASH price, as the token attempted to break the important $700 level again today.
Backbone of LEASH price action
Breaking and holding above that level, as reported by U.Today earlier, could trigger a reaction and send the token to test levels near the $1,000 zone. Such a scenario is possible due to a number of factors, the first of which is that there are no visible obstacles on the token's chart between $700 and $1,000. As an example, the last time LEASH pushed back from $700, it rose more than 160% in two weeks.
Among other factors is the relatively low capitalization of LEASH compared to other tokens in the Shiba Inu ecosystem, SHIB and BONE, both of which have made it into the CoinMarketCap ranking of the top 100 cryptocurrencies.
LEASH's low presence on key crypto exchanges also contributes to sharp price fluctuations, unexpected pumps, but also equally unexpected dumps. By comparison, the token's current trading volume on centralized exchanges is half that of decentralized exchanges, at $640,000.