Shiba Inu (SHIB) is among the most popular meme coin cryptocurrencies, but it faced a tough bearish period in August. Like much of the market, it experienced significant price drops but is now starting to recover. Prior to August, SHIB struggled for several months and saw another decline. However, it seems poised to capitalize on the current market rebound, breaking a 5-month downtrend.
The SHIB coin is now showing consistent investor support, as reflected in the funding rate. This reliable backing is essential for sustaining upward momentum and may indicate increasing confidence within the Shiba Inu community.
Furthermore, inflows into Shiba Inu have been strong over the last six weeks, suggesting a steady influx of capital. This trend helps bolster its recovery and enhances its potential for future growth.
Another factor that could help the SHIB meme coin break out its recent downturn is an increase in its burn rate. On Friday, the burn rate surged by 1,250%, resulting in a modest 1% gain for the asset. Over the past week, SHIB has risen by 13.30%.
Exciting Updates on the Horizon to Revive SHIB from Its Recent Slump!
Shiba Inu has been working diligently to gain greater recognition in the cryptocurrency landscape. The SHIB token’s ecosystem is preparing to launch a variety of innovative product offerings aimed at attracting new users and expanding its community.
The SHIB team is actively developing and launching several services, including SHIB Marketplace, SHIB DeFi, and SHIB Socials. With these initiatives in place, the future of the Shiba Inu token appears increasingly promising, particularly regarding its price valuation and overall market presence.
The stable positive funding rate, recent updates, burn rate, and strong inflows all point to a healthier market environment for Shiba Inu. These elements are crucial for supporting the meme coin’s recovery from a five-month downtrend. The asset is anticipated to stay in the green as September wraps up, and an upward-moving market could enable SHIB to surge by 40% to 50% soon.
Also Read: Cryptocurrency: Top 3 Coins Poised for a 200% Surge This September!
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
