Shiba Inu appears strong despite the market-wide correction that took Bitcoin (BTC) below $39,000 on Monday, presenting an opportunity for SHIB holders to accumulate.
The cryptocurrency market entered a downtrend this week after the brief surge fueled by the approval of 11 spot bitcoin ETFs by the U.S. SEC. The sharp market correction resulted in several crypto assets reclaiming their previous lows.
However, a few cryptocurrencies declined mildly, showing resilience and signalling investor interest in the canine-themed token. Among the crypto assets that stood strong amid the huge market correction earlier this week was SHIB.
Notably, Shiba Inu’s price dropped by inly -1.12% on Wednesday to a low of $0.00000843 before rebounding. While the decentralized memecoin seems strong this week, SHIB’s 30-day performance has been unimpressive.
SHIB Dumps 20% in 30 Days
Despite the recent milestones recorded in the project ecosystem, including the growth in total Shiba Inu addresses and Shibarium transactions, SHIB has been underperforming in the last 30 days.
In particular, the community-driven crypto token has declined by over 20% in the past month, at the time of writing. Accordingly, Shiba Inu’s market cap decreased drastically to $5.18 billion at press time, ranking the canine-themed token as number 20 on the list of top cryptocurrencies by valuation.
As reported by Nitadel, the total number of Shiba Inu addresses reached an all-time high this month, surpassing 3.74 million. This positive development coincided with the stunning boost in Shibarium transactions. As per Shibariumscan data, transactions on the Shiba Inu layer-2 blockchain recently surpassed 307 million, indicating growing adoption.
Is this a good opportunity to buy Shiba Inu?
At press time, Shiba Inu is trading for $0.0000088 per token. It bears mentioning that Shiba Inu has been on a downtrend for years after reaching its all-time high in 2021. This is because the token lacks significant use cases and is largely seen as a memecoin.
However, the project development team led by Shytoshi Kusama, has continued to expand the Shiba Inu ecosystem to shade off the memecoin narrative on SHIB. This led to the August 2023 launch of Shibarium, a layer-2 scaling solution on Shiba Inu’s network.
While SHIB trading close to its all-time low could be an opportunity to accumulate numerous units, the expected price increase is tied to use cases being built around the token. Also, a reduction of its total supply and a rising increase in staked SHIB tokens could contribute to boosting SHIB’s price in the long term.
Whereas 410.7 trillion SHIB tokens have been burned so far, the total supply of Shiba Inu sits at 589.3 trillion tokens at press time. Shibburn data also shows that over 8 trillion SHIB tokens are staked at the time of writing.
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