Shiba Inu has sustained its multiweek high price as three key metrics stand out
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Despite the recent market consolidation, Shiba Inu (SHIB) is finding a new balance as a price revival is currently underway. The meme coin is up 8% in the past 24 hours to $0.000008078, the highest level since early September, amid a bullish resurgence in buying activity. With this latest growth push, SHIB is now repositioned for an even more ambitious run, and there are a number of key metrics to watch out for in this regard.
Three Shiba Inu metrics to watch
While the rate of gain in price is important, buyers may need to keep an eye on the trading volume. At the moment, the SHIB volume is up by a massive 68%, placing the total tokens traded at $333,406,842. By implication, this metric shows the affinity of both retail and institutional investors to the coin and, if sustained, can depict a more imminent upside for the token.
Data from IntoTheBlock (ITB) also reflects Shiba Inu’s profitability amid the recent resurgence in price. Per the data, the number of Shiba Inu wallet addresses in loss is now pegged at 76.86%, a big improvement from the more than 90% recorded earlier.
Finally, the social sentiment of Shiba Inu is improving, with the Fear & Greed Index for the token pegged at “Greed.” This greed is particularly important as it can effectively drive more capital into SHIB, a move that can prove to be crucial in the token’s bid for a sustained recovery.
Banking on Shibarium factor
Shibarium is one big protocol with the propensity to help drive more users into the Shiba Inu ecosystem. With plans to support the growth of decentralized applications and its bid for enhanced burning support, Shibarium might be the next major catalyst to drive the price of SHIB to new highs.
The protocol has held steady since its rebirth, and more innovations have been teased by the core team.