According to U.Today, Shiba Inu (SHIB) is witnessing a significant market rebound as Bitcoin (BTC) has reached $67,000 for the first time in over three weeks. Shiba Inu has absorbed some of the bullish sentiment, increasing by 10% over the past seven days to $0.00002499, as per CoinMarketCap’s data. Despite this, contrasting bearish trends are also appearing on-chain for Shiba Inu.
In the past 24 hours, Shiba Inu has experienced a somewhat fluctuating motion, with its price increasing by 0.85%. The token has made several attempts to surpass the $0.00002461 to $0.0000253 price range, but without success. This is likely due to the relatively low SHIB volume, which acts as a barrier to price increases. Current on-chain data indicates a significant downturn in the token’s volume, down 36.76% to $407,626,780. This reduced buying momentum suggests a bearish sentiment that may keep prices below the $0.0000253 breakout point for an extended period.
Shiba Inu remains one of the most closely monitored meme coins in the market. There have been several attempts to reclaim its position in the top 10 list of digital currencies, but its generally bearish outlook recently has favored other protocols like Toncoin. Shiba Inu has made headlines in the past with upgrades and milestones achieved on Shibarium, its Layer-2 scaling solution. From the hard fork of Shibarium to the anticipated launch of ShibaSwap on the L2, the chances to outperform the general market trend remain high.
Shiba Inu whales have also demonstrated a willingness to help reduce the liquidity of the token in circulation. As reported earlier, a Shiba Inu whale recently reemerged after three years to take a profit worth $3.2 million. Despite potential challenges ahead, SHIB aims to maintain its resilience around the $0.000025 mark.