Shiba Inu (SHIB/USD) is currently experiencing positive market movements, reflecting an upward trend as the overall cryptocurrency sector shows signs of revival.
Lucie, the marketing leader for Shiba Inu, expressed a bullish outlook for the meme cryptocurrency on X (formerly Twitter).
She confidently stated, “there is no other direction than up” for Shiba Inu, noting its resilience over the past two years despite a prolonged bear market.
Further emphasizing the coin’s stability, Lucie assured that Shiba Inu is not merely a fleeting meme destined to be dropped at the emergence of new trends.
She highlighted the ongoing real development efforts behind the scene, indicating a solid foundation for the coin’s future.
Adding to the developments, the Shibarium network introduced a significant update to its user interface, as announced on its official X page.
The new update boasts enhanced speed, smoothness, and increased accessibility.
It also includes expanded compatibility with major wallets such as MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect, which is likely to enhance user experience and adoption.
Crypto influencer Jake Gagain shared his optimistic projection in a recent video, estimating that Shiba Inu could potentially achieve a market capitalization of $100 billion by 2025.
He cited several dynamics contributing to the meme coin’s potential growth.
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Market data from IntoTheBlock indicated a significant 54.6% increase in Shiba Inu’s large transaction volumes and a slight 0.8% rise in daily active addresses, suggesting a growing interest and activity in the coin.
The data also revealed that over 397,000 SHIB addresses are holding approximately 2.44 trillion SHIB tokens at an average price of $0.00001.
This considerable holding acts as a defensive mechanism against price declines, showcasing strong buying interest and hinting at potential market stability.
Additional data from CoinGlass showed a 17.4% growth in SHIB derivatives data volume, with notable liquidations in the last 24 hours totaling 800,970, of which 445,970 were long liquidations.
Shibburn data indicated that 5.2 million SHIB tokens were burnt in six transactions over the past 24 hours, leading to an impressive 172% increase in burn rates, potentially influencing the coin’s value positively.
As of the latest update, SHIB’s price stands at $0.00002295, marking a 1.4% increase over the past day, aligning with the positive sentiments echoed by market analysts and stakeholders.
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