With the price of the meme currency rising as much as 4.5% in the last day to $0.00001047, Shiba Inu (SHIB) is back in the game. The cryptocurrency has once again erased one zero in its desperate attempt to remain continuously elevated, according to the recent market action. Shiba Inu has now returned to the greed zone given the current price outlook, because the majority of bulls are now profitable.
SHIB had a sharp change in price, rising from a 24-hour low of $0.000009626 to a high of $0.00001051. The Shiba Inu ecosystem remains marked by extreme volatility and will continue to do so until SHIB establishes a solid base above the $0.00001 price level.
Significantly, aside from its transaction volume over the previous day, SHIB’s increase coincides with the majority of the token’s indicators being positive. Although purchasing enthusiasm has decreased, as seen by a 25% decline to $279,344,958, Shibarium has continued to perform admirably, with a total transaction count of 141,393,189.
The price of SHIB has been admirably driven to new heights by the Shibarium mood, and this indicator will play a major role if there is a push towards resilience.
Shiba Inu needs to buckle up
With a market valuation of $6,151,209,230, Shiba Inu is the second-largest meme coin behind Dogecoin (DOGE). Many contend that the token is still significantly undervalued despite its great price metrics.
Even though SHIB development has made several great strides—such as bringing on creative new partners like Bad Idea AI—the protocol as a whole may need to catch up in some areas where it is falling short.
These focus areas include, but are not limited to, increasing the network’s overall burn rate and coming up with creative ways to attract new, engaged members.
