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Shiba Inu (SHIB) price is at a major inflection point that might spark the start of a bullish ride. At the time of writing, the cryptocurrency has slumped by 3% in 24 hours to $0.000008908, a trend also showcased in its market capitalization, which is now worth $5,296,610,033. With the current outlook, the price of Shiba Inu has just printed a clean slate through which major movements are poised to trail moving forward.
Shiba Inu has recorded a roller coaster ride in its price action over the past month, soaring from a low of $0.00000846 to a high of $0.00001049. Since it hit this high price level on Jan. 11, the token entered a downward spiral to its current level today. With the consistent sell-off in SHIB, the price is now likely approaching its floor price, from which a rebound is expected in the short term.
Shiba Inu’s stunning comeback projections might first be likely to retest the $0.00001 price level, and from there, chart a way up toward its previous ATH. The trading volume is already hinting at this impending surge as it is up 15% in 24 hours to $71,102,901.
Since the launch of Shibarium, Shiba Inu's Ethereum-based layer-2 scaling solution, the performance of Shiba Inu has been closely linked to trends in this protocol.
In recent times, Shibarium hit a record block count above three million, a sign that shows its continuous usage in the face of stiff competition from other rival protocols like Polygon, Arbitrum and zkSync.
With the advances in Shibarium, the network’s demand for SHIB may increase over time to stump the sell-off pressure in the token and return it to its winning ways. Overall, the token might soar more than 7.42% this month, a surge that will help it clear one zero, as it has always strived for.
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
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