Shiba Inu (SHIB) is back in the spotlight as its key metrics flipped bullish overnight in line with the positive altcoin rally. At the time of writing, data from CoinMarketCap pegs the price of the meme coin at $0.00002421, up by 1.66% in the past 24 hours. Shiba Inu liberated bulls as the price moved to its current level from a low of $0.00002372.
Shiba Inu multi-month play
The token’s 52-week high comes in at $0.00004533, which it attained in March of this year. While the token has retested many lower highs in subsequent months, it has yet to reclaim this price level.
SHIB 1D Price Chart. Source: CoinMarketCap
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However, the trend may be changing with the growing adoption rate of the token. Per CoinMarketCap data, the trading volume has jumped by over 17% to $481.8 million, an indication of renewed traders’ interest in the token.
Shiba Inu has always showcased the right volatility that can help it chart a defined growth course. However, its deep correlation with Bitcoin has kept its price in a rangebound motion.
Thanks to the renewed retail trading and SHIB whale impact, the price of Shiba Inu might soon reclaim its monthly high of $0.00003228. From here, the yearly high resistance level becomes easier to breach.
Hyped SHIB ecosystem
With a sustained deflationary rate through the SHIB token burn campaign, Shiba Inu has continued to show reasons why key fundamentals might help its growth push. With scarcity introduced into its token supply, investors tend to profile the protocol for longer-term growth.
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Shiba Inu developers have also continued to push for new product releases on Shibarium, its Layer-2 scaling solution. Most recently, SHIB The Metaverse went live on the L2 protocol. With this, it sets the broader meme coin ecosystem on a path to fulfill its long-term developmental promises to the community.
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