Shiba Inu (SHIB) cryptocurrency has risen by 30% over the month due to market revival and increased token burn rate. However, the market also shows potential signs of correction.

SHIB on the Rise Again

The meme coin Shiba Inu observed a substantial resurgence in the past week, with a 5% price increase, currently standing at around $0.0000183. This could be attributed to the market revival, where major cryptocurrencies like BTC and ETH also exhibit growth. Additionally, a significant increase in SHIB's burn rate by 1,700% over the week may draw additional investor attention.

Potential Bearish Signals

Despite positive indicators, sentiment on the Telegram platform remains predominantly negative, with about 35% of SHIB-related discussions being pessimistic. It is also important to note that Shibarium, the scaling solution, has observed stalled activity with daily transactions remaining below 10,000 for the past few weeks.

Future Outlook

Positive signals, like the decline in SHIB exchange netflows, might indicate reduced selling pressure, thus potentially further boosting the price. However, temporary dips in interest may continue to keep the growth on hold awaiting a new wave of activity.

Despite recent successes, Shiba Inu faces challenges in the market that could affect its future development. Investors and enthusiasts should closely follow market changes and SHIB-related news to assess the cryptocurrency's potential.