Shiba Inu (SHIB) Poised for a Spectaclular Comeback but One Major Hurdle in the Way

Shiba Inu (SHIB) is showing signs of a potential market recovery today, coinciding with Bitcoin (BTC) reaching $67,000 for the first time in over three weeks. Over the past week, Shiba Inu has seen a 10% increase, reaching $0.00002499 according to CoinMarketCap’s data, thanks to the overall bullish sentiment. However, there are indications of bearish trends in the on-chain metrics for Shiba Inu.

SHIB 1D Chart. Source: CoinMarketCap

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The Overview of the Comeback

In the last 24 hours, Shiba Inu has experienced fluctuating price movements, with a modest 0.85% increase. Despite multiple attempts, the token has struggled to surpass the price range of $0.00002461 to $0.0000253.

This can be attributed to the relatively low SHIB volume, which has acted as a barrier to price increases. Current on-chain data shows a significant decrease in the token’s volume, down by 36.76% to $407,626,780.

The reduced buying activity reflects a bearish sentiment that may keep prices below the breakout point of $0.0000253 for an extended period. Shiba Inu, a prominent meme coin, is being closely monitored as it seeks to reclaim its position in the top 10 list of digital currencies, especially in the face of competition from protocols like Toncoin.

Shiba Inu has recently made headlines with upgrades and milestones achieved on Shibarium, its Layer-2 scaling solution. From the Shibarium hard fork to the highly anticipated launch of ShibaSwap on the L2, there are significant opportunities to defy the general market trend.

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Shiba Inu whales have shown a willingness to impact the token’s circulating liquidity, as demonstrated by a Shiba Inu whale who reemerged after three years to realize a $3.2 million profit. Despite challenges, SHIB aims to maintain its resilience around the $0.000025 mark.

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Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.