Thu, 8/02/2024 – 14:10
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In an unusual twist of events, Shiba Inu (SHIB) is now on a dramatic recovery course after it jumped by more than 6% to ride the broader bullish sentiment on the market. At the time of writing, the token’s price is now pegged at $0.000009143, and the market capitalization comes in at $5,394,788,399.
Shiba Inu’s growth over the past few weeks has been erratic, yet the mission is simplified – to breach the $0.00001 price level. The erratic growth has pushed the price to a weekly and monthly low of $0.0000088, making the sudden resurgence a crucial trigger that sends a major glimpse of hope to investors currently watching its trends.
The attempt to retest the $0.00001 level is solidified by its technicals, as seen in the SHIB/USD daily chart. The Relative Strength Index (RSI) is currently pegged at 48, up from 43 earlier in the week. This shows a shifting trend as investors are potentially reaccumulating the coin now.
The price of the token is also currently trading below the 50-day Moving Average, underscoring the somewhat bearish sentiment still left on the market. A major shift is indicated with the longer-term trend, showing that SHIB bulls will have to find a balance soon.
Translating small feats to major growth
Shiba Inu has invested a great deal of its developers’ time and effort into transforming the protocol from being just a meme coin to being one with intense utility through Shibarium.
One disturbing trend, as observed by many, is how Shibarium boasts of so much activity but with little growth translated to SHIB. With new milestones in total transaction count and block production inked regularly, expectations remain pent up for SHIB to pick up this growth in the long term.
Perhaps the potential integration of a burn portal might change SHIB’s price status for good in the long term.