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Shiba Inu (SHIB) is once again in the spotlight as major indexes turned bullish overnight in line with altcoins’ strong rally. At the time of writing, Memecoin price was pegged at $0.00002421, up 1.66% in the past 24 hours, according to CoinMarketCap data. Shiba Inu released the bull when the price reached the current level from the low of $0.00002372.
Shiba Inu playing in the moon
The token’s 52-week high was $0.00004533, achieved in March of this year. Over the ensuing months, the token retested its lows multiple times, but has yet to regain this price level.
SHIB 1D price chart. Source: CoinMarketCap
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However, the trend may be changing as the adoption rate of the token increases. Trading volume rose more than 17% to $481.8 million, showing renewed interest in the token from traders, according to data from CoinMarketCap.
Shiba Inu dogs have always shown a good amount of variability that helps chart a clear growth course. However, due to its deep correlation with Bitcoin, the price has remained within a range.
With the resumption of retail trading and the impact of the SHIB whale, the Shiba Inu price may soon regain its monthly high of $0.00003228. From here, it will be easier to break through the high resistance levels of the year.
The hyped SHIB ecosystem
As deflation rates persist through the SHIB token burn campaign, Shiba Inu continues to demonstrate why key fundamentals can help drive growth. With the introduction of scarcity into the token supply, investors tend to profile protocols for long-term growth.
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Shiba Inu developers also continue to drive new product releases in Shibarium, a layer 2 scaling solution. Just recently, SHIB The Metaverse went live with the L2 protocol. This puts the broader memecoin ecosystem on track to deliver on its long-term development promise to the community.
