Shiba Inu (SHIB), along with a few other digital currencies, has seen bullish price increases as the market is in recovery mode. The spot trading price of Shiba Inu is $0.000008944, up over 3% in the past 24 hours.
This price growth appears to be the first bullish move for the second-largest meme coin, which according to CoinMarketCap data, is still down around 10.44% for the week. The seeds of growth have been sown in a consistent manner through regular SHIB token burns. Over 6 billion tokens have been burnt by Shiba Inu in the past few days, as the protocol’s burn rate has been high. This burn event signifies something significant, reflected in the reduction of the meme coin’s overall circulation. The network’s scarcity, coupled with typical demand growth, is bound to result in positive price increases, leading to the latest growth in SHIB prices. An 8% rise in the token’s 24-hour trading volume makes this assumption more credible.
Shiba Inu Moves Forward, Something to Look Forward To
In fact, the rise in Shiba Inu’s price is not surprising to many loyal followers of meme coins. This is because the token is known for its more extreme volatility, which helps significantly push up its price when bullish sentiment is enhanced. Slower than normal bullish jumps suggest relative stability, and looking ahead, we can expect a more steady but slow price growth for the meme coin. Hype around new competing meme coin entrants like PEPE could also help slow growth in the near future.
Currently, SHIB’s goal is to maintain the $0.0000085 price level as its support.