Shiba Inu (SHIB), the dog-themed meme coin, recorded a 4.70% increase in value within the last 24 hours, sparking discussions about its potential to return to a sustainable growth trajectory.
SHIB's Price Action and Market Response
Market data shows SHIB trading at $0.00001223 as of this writing, indicating a breach of the $0.0000122 resistance level. However, further uptick indicators have yet to appear, and trading volume has decreased by 35.04% to $280.89 Million.
SHIB’s Open Interest Sees Stronger Commitment
In the last 24 hours, SHIB futures' Open Interest increased by 7.28%, reaching approximately $111.77 Million. Market participants are betting on the appreciation of the asset with about 9.07 trillion SHIB tokens, with Gate.io holding the largest open interest.
Prospects for Shiba Inu
The Shiba Inu community actively supports the ecosystem through burn mechanisms to reduce circulating supply. Recent analysis suggests if SHIB cannot stabilize above $0.000012, it may face further price decline.
Shiba Inu continues to show volatility, attracting investor interest through its supply reduction initiatives. However, the sustainability of this growth remains in question.
