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Shiba Inu (SHIB) is back in the spotlight as its key indicators turned bullish overnight, in line with the altcoin’s positive rally. At the time of writing, data from CoinMarketCap stakes the meme coin price at $0.00002421, up 1.66% in the last 24 hours. Shiba Inu released the bulls as the price rose to its current level from a low of $0.00002372.
Multi-month game with Shiba Inu
The token’s 52-week high stands at $0.00004533, which it reached in March this year. Although the token has retested numerous lower highs over the following months, it has yet to regain this price level.
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However, the trend might change with the increasing adoption rate of the token. According to data from CoinMarketCap, trading volume jumped more than 17% to $481.8 million, an indication of traders’ renewed interest in the token.
Shiba Inu has always demonstrated the right volatility that can help it chart a defined growth trajectory. However, its deep correlation with Bitcoin has kept its price range-bound.
Thanks to the revival of retail trade and Whale SHIB Impact, Shiba Inu price may soon return to its monthly high of $0.00003228. From there, the high annual resistance level becomes easier to break through.
SHIB ecosystem in vogue
With a deflationary rate sustained throughout the SHIB Token Burning campaign, Shiba Inu continued to show why key fundamentals could help its growth. With the scarcity of token supply, investors tend to profile the protocol for longer-term growth.
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Shiba Inu developers have also continued to push for the release of new products on Shibarium, its Layer 2 scaling solution. Most recently, SHIB The Metaverse was put online on the L2 protocol. In doing so, it puts the broader coin ecosystem on track to deliver on its long-term development promises to the community.