Analysts suspect the Shiba Inu token might be gearing up for a bullish movement. This is because the token has been trading in a straight line throughout this week.
However, the meme coin recorded a little price increase today. SHIB is now up 2.66%, or $0.00001217, as of the time of this writing.
The latest price increase of the meme token was unexpected. SHIB witnessed the lowest level of volatility despite being a very volatile token. Meanwhile, it appears their currency has lost most of the hype that helped its price growth last year.
Shiba Inu Continues Sluggish Price Movement
Shiba Inu has been steadily moving in a flat line for the last few days, as shown on the currency’s daily chart. In addition, the price of the meme currency has not changed much in the past week. This is odd, mostly for a very volatile asset such as SHIB.
SHIB/USDT Chart Source: TradingView
For some unknown reasons, Shiba Inu’s performance lately has been stagnant or flat. However, some traders and investors believe that the token’s volatility problems may have arisen due to a decrease in the token’s burn rate.
Besides, the increased burn rate was propelled by past Shiba Inu initiatives like the Shibarium Multiverse. It was on the 21st of June that the token’s trading witnessed any major fluctuations.
As of then, SHIB penetrated the downward channel, which might have indicated a coin reversal. However, the token had to reverse to $0.00001 due to the disparity in inflows and transaction volume.
Meanwhile, the community is committed to growing and scaling the network. The platform’s latest Shibaswap launch and its position as Ethereum’s top dApp, according to social signal, is enough proof.
Shibaswap Outperforms OpenSea And BAYC
As per reports, Shibaswap raked in daily volumes on average of about $10.8 million. This performance is exceptional given that the DEX outperformed both OpenSea and Bored Ape Yacht Club.
Also, the meme coin witnessed an increase in the number of exchange withdrawals. This is normal given the current state of the crypto market. The token is still far behind its ATH of $0.00007959 last year.
Meanwhile, Shibaswap has had a significant impact on the token’s success. However, it seems its influence isn’t as strong compared to other economic factors.
These economic factors may have contributed to the token’s latest price movement. In other news, Shiba Inu is still valued by the cryptocurrency community even if it is no more among the top cryptos by market valuation. Also, Shiba Inu wants to launch a stablecoin for its ecosystem, a collectible card, and a token.