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The broader crypto ecosystem is undergoing a major recovery swing as the combined crypto market cap has jumped 2.26% to $1.16 trillion. Shiba Inu (SHIB) made a definitive push to capitalize on this growth using its massive volatility potential to reclaim the $0.000011 price level; however, its bulls lacked enough energy to pull off this stunt.
The price of the meme coin is currently pegged at $0.0000104 atop 0.99% growth in the past 24 hours. Within this time frame, SHIB touched a high price of $0.00001049, underscoring how much the resistance wall lies at the $0.000011 level. From its current price performance, Shiba Inu is worth celebrating for surpassing its aspirations.
While the community has nursed thoughts of pushing the price to $0.01 soon, beating small milestones is key for now. Despite its intense bearish pressure, SHIB cleared one zero from its price and has managed to stay above this line. Should the bulls be unable to sustain the tempo, the move to flip the $0.000011 level as support may go awfully wrong in the short term.
Innovating to beat competitors
Just like Shiba Inu made its emergence into the industry as a disruptive force in a market dominated by Dogecoin (DOGE) in 2020, so too are new meme coins making their emergence today.
With the likes of PEPE, Floki and BONK making giant strides in terms of adoption, Shiba Inu is left with no choice but to continue innovating in ways that can help it retain its dominance.
Besides its launch of Shibarium and the intriguing milestones the layer-2 protocol has recorded thus far, Shiba Inu unveiled its latest partnership with Web3.0 domain provider D3 as it looks to explore the ".SHIB" domain name feature.
Shiba Inu’s goal is simple, and it is to transition from being just a meme to a platform with multiple utilities. These moves are pivotal to its price growth moving forward.
Yuri Molchan
Arman Shirinyan
Alex Dovbnya
