Shiba Inu (SHIB) has made a strong comeback, with its meme coin surging by as much as 4.5% in the last 24 hours, reaching $0.00001047. This upward movement has once again eliminated one zero from its value, reflecting an eager attempt to maintain an upward trajectory. The current price has pushed Shiba Inu back into the “greed zone,” indicating that most bullish investors are now in profitable positions.
The recent price surge saw SHIB’s value fluctuate between $0.000009626 and $0.00001051 within a 24-hour span, showcasing the coin’s inherent volatility. For sustained growth, Shiba Inu needs to establish a robust support level above the $0.00001 mark.
Despite the positive momentum, some metrics for SHIB are in the green, except for a decline in its 24-hour transaction volume, which dropped by 25% to $279,344,958. However, the performance of Shibarium, indicated by its substantial total transaction count reaching 141,393,189, has significantly contributed to SHIB’s recent price surge.
Shibarium’s positive sentiment has been influential in propelling SHIB’s value to new heights. Moving forward, its resilience will play a pivotal role in shaping SHIB’s trajectory.
Shiba Inu, ranking as the second-largest meme coin after Dogecoin (DOGE), holds a market capitalization of $6,151,209,230. Despite its impressive price movements, some argue that the token remains undervalued.
While there have been commendable developments in SHIB’s ecosystem, such as partnering with innovative entities like Bad Idea AI, there are areas where improvement is necessary. Enhancing the token’s total burn rate and implementing strategies to attract more active users to the network are among the critical areas that Shiba Inu may need to focus on for sustained growth.
