Shiba Inu Regains Its Monthly Volatility Peak Of 64%: Will Bulls Hold SHIB Price Near Resistance?

Amidst a market correction where Ethereum and Bitcoin have recently witnessed a rebound after a decline of less than 5% in value over the past 24 hours, Shiba Inu has notably bucked the trend with a 12% increase in price over the last two days.

Timeline of Shiba-inu

Shiba Inu (SHIB) has outdone itself again concerning its burn rate metrics as it has jumped by 7,686,774.46%, sending over 8,349,329,301 SHIB to dead wallets. This burn rate figure is an unprecedented boost that shows a changing paradigm in the protocol's deflationary metrics and on-chain outlook.

In a surprising turn of events, the Shiba Inu-based Ethereum Layer-2 scaling solution, Shibarium, has witnessed an extraordinary surge in transaction activity, leaving the SHIB community in suspense over the authenticity of the numbers.

Shiba Inu (CRYPTO: SHIB) price in the past 24-hour trading has seen a surge of 4% amidst a significant surge in daily transaction volume. What Happened: Data from Shibarium Scan reflects Shibarium reported its daily transaction of 7.84 million as of Dec. 3, 2023, compared to 5.11 million as of Dec. 1, 2023, and 748,230 as of Nov. 30, 2023.

The entire crypto market has seen a steady increase in open interest (OI) over the last few months. But the Shiba Inu open interest seems to not have followed this trend as much as others.

The crypto ecosystem is on a major rally today after Bitcoin (BTC) retested its highest price level for 2023. With Bitcoin trading at $41,675, many altcoin protocols have also seen a massive resurgence in their prices and activity.

A new scam campaign that is gaining traction right now might be way more dangerous than trivial "double-your-deposit" airdrops and fake reward distributions from Elon Musk. Malefactors are exploring "fear of missing out," offering victims to check how much they would have earned if they were "diamond hands.

Shibarium is on a major parabolic run in terms of its total transactions after recording a never-before-seen spike in its daily transactions. Data from Shibariumscan shows that total daily transactions as of Dec. 1 jumped to 5.11 million.

Shiba Inu, the self-proclaimed “Dogecoin killer,” had taken the cryptocurrency world by storm in the last bull run, captivating investors with its meme-centric approach and impressive price trajectory. However, given the recent market action, many are left wondering what the future holds for the canine-themed coin.

Shibarium, the Shiba Inu layer-2 solution, recently reached a new milestone in the past few days, crossing the 4 million total transaction threshold. The launch of Shibarium, Shiba Inu's layer-2 solution, has been a huge catalyst for the meme coin.

Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB) meme cryptocurrency has seen its burn rate — the rate at which coins are being permanently removed from circulation — skyrocket by a staggering 500% in the span of a single day. What Happened: Data from Shibburn, a SHIB burn tracker shows over 83 million SHIB tokens have vanished from its supply, suggesting a sudden and deliberate effort by holders to reduce the coin's supply.