Shiba Inu (SHIB) Positive Social Sentiment Sparks Bullish Speculation

Shiba Inu (SHIB), a cryptocurrency that has gained immense popularity and attention in recent months, is making waves once again as its price exhibits signs of recovery. This week, the SHIB price has displayed a promising uptick, maintaining a level above the $0.0000065 range.

Timeline of Shiba-inu

Despite a slight rebound in price, shiba inu remained near its lowest level in 21 months during Friday's session. Overall, the global cryptocurrency market cap was marginally higher, climbing by 1% as of writing. XRP was an exception, dropping to a three-week low today.

According to the Shibburn wallet tracker that collects data on SHIB burns on Etherscan, within the last 24 hours, the Shiba Inu burn rate has plunged below zero after the amount of burned SHIB dropped around 60% compared to a much bigger burn conducted yesterday.

In an exciting development for the Shiba Inu community, the top developer working behind the scenes has unveiled another project before the launch of Shibarium. The lead developer introduced their newest innovation, ‘Shibacals,' bringing them one step closer to their ambitious vision.

Shiba Inu (SHIB) price has flashed some green signal this week as it hovered above the $0.0000065 range. Notably, on-chain data shows a positive uptrend in the social sentiment surrounding the Shiba Inu community.

Crypto data tracker WhaleAlert has reported a massive move of 3.8 trillion SHIB in recent hours. The large chunk of SHIB, worth over $25.5 million, was shifted between two unknown wallets.

The content marketing specialist of the Shiba Inu ecosystem, who goes by the name @LucieSHIB on Twitter, has published a lengthy tweet, teasing a new SHIB feature called the IRL component to the SHIB army.

In a remarkable display of dedication, Shiba Inu has managed to significantly increase the burn rate of SHIB tokens. After enduring a period of consistent decline, recent data from the Shibburn website reveals an astonishing jump of nearly 1,000% in the burn rate.

Shannon Bray, a gubernatorial candidate in North Carolina on Wednesday said that he is buying Shiba Inu (CRYPTO: SHIB) with his next paycheck. What Happened: Bray was responding to a social media that asked which meme coins users are buying during 2023, Bray revealed he plans to buy SHIB with his next paycheck.

Shiba Inu (SHIB) enthusiasts and investors find themselves at a crucial juncture as they seek to protect the coin from sinking below the lows witnessed in 2021 and the overall range lows. The cryptocurrency experienced a significant drop earlier this week, plunging to $0.00000543, even breaching the 2021 lows of $0.00000510.

Shiba Inu (SHIB) price rebound mission has suffered a major setback this week after another 10% drop on Wednesday. With panicking investors moving coins away from the memecoin market, is SHIB set for a more bearish outlook in the coming weeks?