- Shiba Inu (SHIB) has breached the crucial $0.00003 resistance level amid returning hype, marking the start of the second phase of its bull cycle
- SHIB’s trading volume has grown by 17.32% to $3.2 billion as the developers intensify community-centric innovation with updates on reward campaigns and scam alert notifications
- The next price target for SHIB is pegged at its 30-day high of $0.0000337, putting it 65% away from hitting its all-time high of $0.00008845
The cryptocurrency market is witnessing an exciting phase as Shiba Inu (SHIB) initiates the second phase of its bull cycle. Despite the roller coaster ride experienced in the past 24 hours, the digital token has managed to break past the 0.00003 price mark, reflecting an unexpected bounce back. The token’s price has surged by 36% within a day, indicating the commencement of a fresh phase of its bull run.
Shiba Inu Breaking Downward Streak
Over the past week, the price of Shiba Inu has seen both incredible highs and significant lows. Despite the market volatility, it has managed to sustain an uptrend of 22.37%, effectively countering any pullback attempts. The token’s broader metrics are largely unstable, with the burn rate swinging negative most of the time. However, Shiba Inu has primarily relied on the overall market trend to sustain its bullish momentum.
source: coingecko
Shiba Inu’s Journey to All-Time High
The breaking of the 0.00003 resistance level has set SHIB 6.5% away from reaching the all-time high (ATH) milestone of 0.00008845. Amid the notable uncertainty of crypto markets, the fundamentals are in place for Shiba Inu to chart this ambitious price milestone.
Next Steps for Shiba Inu
While retail and whale traders brace to increase their allocation of Shiba Inu, which is evident from the 17.32% growth in trading volume to $3.2 billion, SHIB developers are intensifying community-centric innovation. With updates on reward campaigns, scam alerts, and more, the developer team has fostered a robust and interconnected community for the project. This strong community support is an invaluable resource for the digital currency and its ongoing growth prospects.
Conclusion
As Shiba Inu continues to capitalize on the broad revival in the digital currency ecosystem, it engenders a bullish growth trend. Despite the market’s inherent volatility, the cryptocurrency remains resilient, looking to continually close the gap with its rival, Dogecoin (DOGE). The fight for dominance in the sector is intensifying, and it remains interesting to see how Shiba Inu navigates this competitive landscape as it enters the second phase of its bull cycle.
