Less radiant than last year, the Shiba Inu, like other cryptocurrencies, is struggling to resist the general downtrend. This week, its token (SHIB) performed well after intra-day trading volume increased by more than 600%. However, how far can he go?
It’s true that the Shiba Inu price has lost almost 88% since its peak in October; since the start of this week, however, the meme token has been performing quite well. The value of the crypto thus rose by 66.66% between its low at $0.0000072 and its weekly high of $0.000012.
This is a technical rebound that we have seen in other cryptocurrencies. For example, Bitcoin has climbed as high as $21,600 from its low of $17,500. The price of Ethereum also increased during this period, having indeed seen a growth of 35%.
While the rally in the crypto market has benefited Shiba Inu price somewhat, other factors, as we will see, have fueled its rise.
Volume, burn of Shib and Shytoshi tokens
Apart from the recent jump in cryptocurrencies, three other factors were behind Shiba Inu’s performance. First, there is the explosion in the volume of cryptocurrency transactions. According to recent data on CoinMarketCap, Shiba Inu’s intraday trading volume increased by 600% from $247 million to $1,578 million in the span of one day.
Furthermore, data from Certik show that 26% of SHIB investors hold their tokens for more than a year. We can also see that almost 51% tend to keep their tokens between 6 to 12 months.
Then, the Burning rate increases at a dizzying rate. According to an article by Watcher Guru, the SHIB’s burn rate had reached 350% during the month of June. Data from Shibburn shows that over 94 million tokens were burned in no less than 16 transactions.
Finally, we can mention the optimistic message of the creator of Shiba Inu, namely Shytoshi Kusama. The latter recalled that cryptocurrency still holds 15th place in the market. He also shared that more crypto-related announcements are coming.
Should we buy Shiba Inu?
Many will be able to ask questions after this jump of 66%. However, another question arises: will this technical rebound last until the token meme comes out of the bear market ? The answer does not depend on Shiba Inu because although the cryptocurrency has strengthened its fundamentals (metaverse universe and launch of its own Blockchain), its price has been penalized by the global trend.
Because of this, it will first take a sustainable overall upside to support the sustainability of the meme coin technical bounce.
Moreover, the price of SHIB has retreated from its weekly high at $0.000012. Currently, Shiba Inu is trading for $0.000009859 at the time of writing this article.
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Shiba Inu gains 60% in 3 days, here’s why? – BeinCrypto France
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