Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest trends in the Stock Market, trading, and much more. Today, we will be diving into the price action of Shiba Inu (SHIB) and its correlation with the overall crypto market cap.
Recently, Shiba Inu price experienced a 9% retracement between July 17 and July 20 as some traders took early profits. Despite the sell-off, SHIB price consolidated around the $0.000018 level, showing a 44.39% increase from the record lows on July 5.
One key factor contributing to the bullish sentiment around Shiba Inu is the active development work by the Shiba Inu team. They have been focusing on enhancing the ecosystem, with initiatives such as the development of Shibarium, a layer-2 solution to improve transaction speeds and reduce costs on the Ethereum network.
Although Shiba Inu has faced price volatility, the potential implementation of a token burn mechanism and other internal catalysts offer hope for bullish movements in the future. Investors are closely monitoring these developments, which could significantly impact SHIB’s trajectory in the upcoming months.
Looking ahead, bulls are eyeing a target of $0.000020 for Shiba Inu price. Despite a slight correction, SHIB has shown resilience within the daily timeframe, climbing to $0.0000183, indicating a 44.39% increase over a 15-day period.
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