Shiba Inu (SHIB), which is up 1.3% in overnight trade and has seen its price rise to $0.000007633, is attempting to escape its extended negative slide. The price of the meme currency has dropped significantly over the past week, falling from its peak of $0.000008169 over the previous seven days.
As the market bulls try to hold into the support of $0.000007633, Shiba Inu is showing signs of a rather extreme effort to break its bearish slumber. The trade volume, which is up by 17.99%, indicates that there is some strong purchasing impulse in the Shiba Inu ecosystem, which is consistent with the growth indicators that point to this coming resurrection.
Positive fundamental news is not lacking in the meme currency community, particularly when it comes to the Shibarium system. The main obstacle to this developing SHIB upswing is persistent optimism around Shibarium, with the majority of the development team’s performance and utility enhancements anticipated to materialise soon.
While the protocol is also being hurt by general unfavourable market sentiment at the moment, Shibarium is now serving as the lifeblood of the Shiba Inu ecosystem. Trends in the scaling solution are anticipated to help revive demand for SHIB.
SHIB ecosystem token outlook
The bulk of the tokens in the Shiba Inu ecosystem are now all suffering downward price trends as of the time of writing. While Shibarium’s native token, Bone ShibaSwap (BONE), is now down 2.83% to $0.9983 and Doge Killer (LEASH) is likewise on a persistent 3.41% decrease to $351, while SHIB is currently bragging of a modest increase.
However, LEASH just became listed on an Australian exchange, which sparked a 401% increase in its trading volume. Regardless of the broader market perspective, the outlook of these tokens is important since a collective spike is suggestive of a potential increase in SHIB.
