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Big Bullish Rebound Incoming for Shiba Inu (SHIB) in This Metric

Thu, 25/04/2024 – 9:53

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Shiba Inu (SHIB) is in a fragile state as many of its key growth metrics are contrasting amid a broader bearish rebound on the market. At the time of writing, the price of Shiba Inu has dropped by 8.42% to $0.00002494. To contradict this bearish slip, there is an apparent boost in trading volume, which has soared by 12.24% to $841,624,957.

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Per data from Shibburn, a major boost might be coming for Shiba Inu’s deflationary feature as the burn rate is now relatively flat. At 0% growth, the meme coin saw 22,346,657 SHIB incinerated in 24 hours, setting the stage for a mega rebound if community members continue their aggressive push to deflate the tokens.

Shiba Inu is one of the top altcoins whose actual growth is highly impacted by slight tilts in key metrics like burn rate, trading volume and large transactions. Before this derailment in price, Shiba Inu had initially flipped the $0.000026 level as support and was primed to reclaim the final top 10 spot. The ultimate goal, as recorded over the past week, was to reclaim the $0.00003 point in its broader recovery effort.

Making a difference

Shiba Inu’s price growth can be boosted by the token’s embrace by its community’s whales. At the time of writing, data from IntoTheBlock shows that large transactions have soared by 61.39% in 24 hours to $162.45 million. 

Sustaining this massive embrace can help restore the accumulation of the SHIB that the token’s sellers sold off. Besides whale transactions, another important trend to watch is the general trend on the broader market.

The spot Bitcoin ETF market leader, BlackRock Inc, has seen a break in its daily inflow streak. This showcased that the broader bullish sentiment driving the market – investor sentiment – might be dwindling.

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