Shiba Inu Bulls appear to have retreated after a week in which the rise in the meme coin price was limited. In addition to the recent increase in price being limited, some investors took their profits and exited the market, leaving things ‘neutral’. When we look at the weekly chart, the price recorded a slight decrease, while the transaction volume decreased by over 18%. Looking at spot exchange data, trading volume for SHIB was limited to $173,150,418. However, these low data are interpreted as a ‘buying opportunity’ for many buyers and they are trying to shift the trend in the market towards the uptrend again.
Shiba Inu’s social metrics remain in positive territory, as despite the current sell-off, the token has a score of 66 on the “Fear and Greed Index”. This shows that greed is still an important trait that supports investor interest. This greed SHIB it can complement any major trigger its community relies on to keep it revitalized moving forward.
The Shiba Inu ecosystem always continues to find something to brag about, as core developers are always making moves to support their offerings regarding the products and services available to users. In one of the latest moves, the popular SHIB wallet is introducing forget-proof recovery and email login features to enhance user experience.
Shiba Inu also describes itself as one of the most deflationary crypto projects. Earlier this week, the protocol recorded an over 12,800% increase in burn rate as millions of SHIB were sent to dead wallets, increasing the scarcity of the meme coin in circulation.
These bullish trends are bound to form the catalyst that can propel SHIB from its troubling low to a new high.