Shiba Inu (SHIB) has shown a 6% increase amid signs of recovery in the broader cryptocurrency market, with the total market capitalization exceeding $3.86 trillion.
Shiba Inu's Growth and Market Conditions
Shiba Inu climbed to $0.00001405 as the cryptocurrency market showed signs of recovery. The global crypto market cap increased by 2%, reaching $3.86 trillion. Bitcoin also moved past the $117,000 mark, reinforcing positive market sentiment.
Shibarium Updates in the Spotlight
Recent Shibarium updates have significantly influenced Shiba Inu's price movement. These include gas fee sponsorship via Shib Paymaster and the launch of staking version 2.0. These developments aim to strengthen network infrastructure and support long-term project growth.
Investor Activity and Technical Analysis
Whale activity surged this week, with over 4.68 trillion SHIB tokens accumulated. At the same time, Shibarium recorded a 2,742% increase in its token burn rate, temporarily tightening supply. Based on Coinglass, SHIB open interest rose by 8.31% to reach $231.16 million. While the volume of shares traded daily declined by 27% to 241.9 million, investor confidence remains high. Technical analysis indicates mixed signals: the Relative Strength Index (RSI) and Bollinger Bands suggest potential further gains, while the Moving Average Convergence Divergence (MACD) indicates correction risks.
Shiba Inu continues to demonstrate resilience amid the overall recovery of the cryptocurrency market and active Shibarium updates. Investor interest and technical factors create favorable conditions for potential future growth.