The price of Shiba Inu (SHIB) is at a significant turning point that might signal the beginning of a bull market. As of this writing, the cryptocurrency’s market capitalization, which is now at $5,296,610,033, reflects a 3% 24-hour decline to $0.000008908. The price of Shiba Inu has just printed a blank slate with the current view, through which significant swings are expected to follow in the future.
Over the last month, Shiba Inu’s price has been a wild journey, rising from a low of $0.00000846 to a high of $0.00001049. The token went into a downward cycle that brought it to its present position after reaching this high price level on January 11. The price of SHIB is probably getting close to its floor price as a result of the ongoing sell-off, from which a short-term comeback is anticipated.
Predictions for Shiba Inu‘s incredible recovery indicate that it may initially retest the $0.00001 price level before charting an upward path towards its prior ATH. With trade volume jumping 15% in a day to $71,102,901, the volume already suggests that a surge is imminent.
Shibarium catalyst
The performance of Shiba Inu has been closely associated with developments in this protocol since the release of Shibarium, Shiba Inu’s Ethereum-based layer-2 scaling solution.
Shibarium has achieved a record block count of more than three million, indicating its ongoing use despite fierce competition from competitor protocols like Polygon, Arbitrum, and zkSync.
Shibarium’s advancements may eventually cause the network’s need for SHIB to rise, stifling the incentive to sell the token and allowing it to resume its profitable practices. This month, the token is expected to rise by more than 7.42% overall, which will enable it to surpass one zero, as it has always aimed to do.
