- Shiba Inu (SHIB) has surged by 4.28% in the past 24 hours, marking its first major price increase since June 7.
- Key metrics such as the burn rate and whale transactions have also seen significant increases, suggesting renewed investor confidence and potential for further gains.
Shiba Inu (SHIB) is making headlines as it leads the meme coin resurgence with a significant 4.28% price increase in the last 24 hours, reaching $0.0000187. This data from CoinMarketCap marks the first notable uptick for SHIB since June 7, hinting that the worst days for the coin might be over.
Shiba Inu Metrics Light Up
As Shiba Inu builds bullish momentum, several ecosystem metrics are also showing positive trends. One such metric is the Shiba Inu burn rate, which has seen a 44.67% increase, with 17,259,834 SHIB sent to burn addresses. This burn mechanism is crucial for reducing the total supply and potentially increasing the token’s value over time.
Additionally, there has been a substantial increase in whale transactions, which are large-volume trades typically conducted by big holders of the coin. According to IntoTheBlock, whale transactions have jumped by 45.81% in the past 24 hours, reaching a total of $139.36 million. This whale accumulation is a positive sign for the broader health of Shiba Inu, indicating renewed confidence among major investors.
With these encouraging metrics, the Shiba Inu community is now questioning whether the coin can break through the $0.00002 resistance level, which it fell below on June 17. Achieving this milestone could help SHIB reclaim its previous highs in the short term and set the stage for further gains.
Building on Shiba Inu’s Advantage
Shiba Inu has consistently positioned itself as a bridge between meme coins and more traditional assets in terms of gains. While the coin is known for its high volatility, it also demonstrates remarkable resilience during market fluctuations. This dual-faced momentum is a significant advantage, potentially allowing SHIB to decouple from Bitcoin’s influence, similar to how XRP has managed to do.
The Shibarium utility boost and other native Shiba Inu metrics further enhance the token’s appeal and drive demand. As the ecosystem continues to develop, these utility-based features are likely to attract more users and investors, bolstering SHIB’s long-term prospects.
In conclusion, Shiba Inu’s recent price surge and the accompanying bullish metrics suggest that the meme coin might be gearing up for a more sustained recovery. Whether it can break through the crucial $0.00002 resistance level and maintain its upward trajectory remains to be seen. However, the current trends are promising and indicate that Shiba Inu might be on the path to reclaiming its former glory.
