As an experienced cryptocurrency market analyst, I’ve seen my fair share of price volatility in various digital assets. The recent performance of SHIB has been particularly noteworthy due to its dramatic swings.
The price of Shiba Inu (SHIB) has been quite volatile lately, following the trends of the broader cryptocurrency market.
Over the last 24 hours, the meme coin with a dog theme has experienced some progress, showing a significant rise in price and other significant metrics.
SHIB Price Recovers 6.5% Daily
The 7-day chart of SHIB, much like that of many other altcoins, looks like the Mariana Trench.
Last week, the value of the meme coin took a nose dive, mirroring the trend of Bitcoin and other prominent altcoins. However, it appeared to have hit a bottom and bounced back.
The price of SHIB has decreased by 2.7% over the past week, but it has made a significant gain of approximately 6.5% within the last day, causing its current value to hover around $0.00001637.
Important SHIB Metrics Soar as Well
Although the rebound aligns with the recent surge in the wider crypto market during the last few days, it’s worth mentioning that two significant indicators for SHIB have been climbing as well.
The first method involves SHIB transactions leading to a permanent destruction of a small percentage of the total supply. In the last 24 hours, this figure has experienced an astounding increase of nearly 800%, resulting in approximately 18 million tokens being incinerated.
Though the value of burned SHIB tokens in US dollars is minimal, ongoing initiatives aim to create a favorable effect on the market.
As a researcher, I’ve discovered that whale activity significantly surged for this meme coin based on recent data from IntoTheBlock. The large transaction volume associated with these whales experienced approximately an 180% rise within the last 24 hours.
The company’s outlook on SHIB is predominantly pessimistic, but should bulls maintain their recent momentum, there’s a possibility for the meme token to bounce back.
Check out our Shibarium news today for more updates on the entire Shiba Inu ecosystem.
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2024-07-07 11:06