The bulls of Shiba Inu (SHIB) appear to be taking a breather following an eventful week that witnessed a 6.93% increase in the meme coin’s price. Presently, the coin is experiencing a mild retracement, reflecting profit-taking actions by market makers, a phenomenon that many see as essential for a potential bullish resurgence.
As per the latest market data, Shiba Inu has undergone its first daily decline for the week, resulting in a decrease of $0.000008195. Additionally, trading volume has dipped by 18.41%, with a total of $173,150,418 traded on spot exchanges so far. Despite these metrics, the prospect of Shiba Inu embarking on another growth spurt remains promising, as many investors view the current dip as an opportunity to accumulate tokens at a discounted price.
Shiba Inu’s social sentiment remains positive, scoring 66 on the Fear and Greed Index. This reflects the prevailing greed sentiment among investors, which could complement any significant catalyst that the SHIB community anticipates to drive its resurgence in the near future.
Shiba Inu Wallet Enhancements and Deflationary Milestones
The Shiba Inu ecosystem continually strives to enhance its offerings for users, and in a recent development, the popular SHIB wallet has introduced features designed to improve the user experience. These include forget-proof recovery and email sign-in options, providing added convenience and security.
Shiba Inu proudly positions itself as one of the most deflationary crypto projects in existence. This week, the protocol witnessed an extraordinary surge in its burn rate, exceeding 12,800%. Millions of SHIB tokens were sent to inaccessible “dead wallets,” effectively reducing the available supply of the meme coin. These positive trends have the potential to act as catalysts, propelling SHIB from its recent lows to new heights.
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