While the broader cryptocurrency market has witnessed short-term volatility, meme coin Shiba Inu (SHIB) has notably stood out by mainly trading in the green zone for the short term.
Particularly, the meme coin has largely mirrored the performance of the overall crypto market. Investors are keenly observing how far SHIB will rally, especially considering the community’s efforts to enhance its utility.
Indeed, the Shiba Inu community has increasingly emphasized initiatives such as token burning to bolster its competitiveness against other established cryptocurrencies.
SHIB 24-hour burn rate. Source: Shibburn
Additionally, Lucie, the marketing lead of SHIB, remarked that while Bitcoin (BTC) and the entire cryptocurrency market are currently undergoing a phase of price reversal, she holds the belief that SHIB stands out as the sole coin capable of surprising the market.
Lucie anticipates the meme coin to surge to a new all-time high either preceding the upcoming Bitcoin halving event or shortly thereafter.
At the same time, Lucie highlighted that the market should anticipate something intriguing concerning the layer 2 scaling solution Shinarium, as well as the meme coins Bone (BONE) and Damn (DAMN).
Damn, a recently launched crypto by the Woofswap DEX, operates atop the layer-2 solution Shibarium. It incorporates an inherent system for burning Bone, the gas token of Shibarium. This burning mechanism is poised to significantly diminish Bone’s supply over time, rendering it a deflationary token.
Shiba Inu price analysis
In the short term, SHIB has gained almost 1.5% to trade at $0.0000277 by press time. Over the past seven days, the coin has also been on a positive trajectory with an almost 2% surge in its value.
SHIB seven-day price chart. Source: Finbold
In summary, given that SHIB is still striving to solidify its market utility, the meme coin remains heavily susceptible to the fluctuations of the general market.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
