Shiba Inu (SHIB) in consolidation mode as buyers find new motivation
Shiba Inu (SHIB) bulls are cooling off after a relatively adventurous week that saw the price of the meme coin jump by 6.93%. At the moment, some of its recently accrued gains are being pared off, showcasing a profit-taking scenario by market makers, a trend that many believe is necessary for a bullish rebound.
Based on current market data, Shiba Inu is down $0.000008195, its first daily loss for the week. The trading volume has also dropped as low as 18.41%, as only $173,150,418 have been traded thus far on spot exchanges. Despite falling metrics, the proposition that Shiba Inu will chart another growth run is high, considering that many buyers will see the depressed pricing as an avenue to stack up with a discount.
The social trends of Shiba Inu remain in a positive zone as, despite the current sell-offs, the token has a score of 66 on the Fear and Greed Index, proof that shows Greed is still a major characteristic underpinning investors' interest. This greed can complement any major trigger the SHIB community is banking on to stir its revival moving forward.
Banking on ecosystem fundamentals
The Shiba Inu ecosystem always has something to boast of as the core developers are always making moves to bolster their offerings as it relates to products and services accessible to users. In one of the latest moves, the popular SHIB wallet introduces forget-proof recovery and email sign-in features to boost the user experience.
Shiba Inu also brands itself as one of the most deflationary crypto projects around. Earlier this week, the protocol recorded an over 12,800% surge in its burn rate, as millions of SHIB were sent to dead wallets, boosting the scarcity of the meme coin in circulation.
These bullish trends are bound to form the catalyst that can drive SHIB from its troubling low to a new height.