Shiba Inu is one of multiple meme coin cryptocurrencies on the market that suffered from a bearish August. Most of the market faced significant price drops but is beginning to rebound. SHIB in particular, had a rough few months before August before a further dropoff. Now though, the asset is slated to ride the current market rebound, breaking a 5-month downtrend.
The meme coin is finally noting consistent support from its investors, as noted in the funding rate. This steady backing from investors is crucial for maintaining upward momentum. It could also signal growing confidence among the Shiba Inu community. Additionally, inflows into Shiba Inu have been strong over the past month and a half. Consistent inflows suggest that capital is steadily moving into the asset. In turn, this further supports its recovery and potential for future growth.
Another aspect set to help the meme coin break out of its recent downtrend is a rise in its burn rate. The coin’s burn rate skyrocketed 1,250% on Friday, giving the asset a slight 1% boost. Over the past week, SHIB is up 14%.
Several Updates Expected To Rescue SHIB From Recent Downturn
Also Read: Shiba Inu: What Is SHIB’s Price If 99% Of Tokens Are Burnt?
Shiba Inu has long been trying to climb higher on the cryptocurrency radar. The token’s ecosystem is gearing up to launch various product offerings to tempt new users. With the SHIB team busy launching services like SHIB Marketplace, SHIB DeFi, and SHIB Socials, the future of the Shiba Inu token seems brighter in terms of its price valuation.
Together, the stable positive funding rate; recent updates; burn rate; and strong inflows highlight a healthier market environment for Shiba Inu. These factors are essential for sustaining the meme coin’s recovery from its five-month downtrend. The asset is expected to remain in the green towards the end of September, and the positive rebounding market could see SHIB surge 40% soon.
Credit: Source link