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Shiba Inu (SHIB) is back in the spotlight as its key metrics flipped higher overnight in line with the altcoin's positive rally. At the time of writing, the data is from CoinMarketCap stakes The price of the meme coin reached $0.00002421, rising by 1.66% in the past 24 hours. The Shiba Inu unleashed bulls as the price moved to its current level from a low of $0.00002372.
Shiba Inu is a multi-colored toy
The token is at a 52-week high of $0.00004533, which it reached in March of this year. While the token has retested several lower highs in subsequent months, it has yet to reclaim that price level.
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However, this trend may change as the token adoption rate increases. According to CoinMarketCap data, trading volume jumped more than 17% to $481.8 million, indicating renewed interest from traders in the token.
The Shiba Inu has always shown the right quirks that can help it chart a specific growth path. However, its deep correlation with Bitcoin kept its price in a range-bound movement.
Thanks to the renewed retail trade and Gray whale Impact, the Shiba Inu price may soon regain its monthly high of $0.00003228. From here, breaking the annual high resistance level becomes easier.
Vibrant SHIB ecosystem
With a constant shrinkage rate through Burn SHIB token During its campaign, the Shiba Inu continued to show reasons why key fundamentals could help drive its growth. As scarcity is introduced into the supply of cryptocurrencies, investors tend to design the protocol for long-term growth.
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Shiba Inu developers have also continued to push for new product launches on Shibarium, its second-layer measurement solution. Recently, SHIB Metaverse It ran on the L2 protocol. In doing so, it puts the broader meme ecosystem on track to deliver on its long-term development promises for the community.
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