Shiba Inu Set to Break 5 Month Downtrend: How High Will SHIB Go?
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 1,2...
