u.today
After a brief period of broader market volatility, the bulls are back in action, with Shiba Inu (SHIB) in the spotlight after the U.S. Federal Reserve interest rate cut. The Fed shocked the global market on Wednesday when it unveiled a 50 basis point interest rate cut, the first time in four years. The market first experienced a negative slump, however, altcoins are in epic bullish mode at the moment.
Shiba Inu wins the day
Amid the market rebound, Shiba Inu's price has jumped by more than 6% in 24 hours to $0.000014. This is quite unusual for a token that has largely found it difficult to maintain support above $0.000013 over the past week.
The meme coin has seen almost all of its metrics shoot up from previous lows. Beyond the price surge, the token now has a trading volume of $216,950,085, a metric up by over 60% in 24 hours. With this volume showing proof of positive trader optimism, SHIB's price might be up for even more of a rebound overall.
Other core network metrics, like daily active addresses, have also received a positive boost overall.
Where SHIB is heading from here
With Shiba Inu leading the altcoin resurgence, it remains unknown how high the token could rise amid its newfound boost. Shiba Inu has been commanding intense whale transactions over the past few weeks, underscoring how many had been pushing for its silent recovery.
Most of the internal ecosystem growth that Shiba Inu has been recording may now contribute toward impacting the price reboot overall. Though the SHIB burn rate is the lowest it has been in a while, previous token torches have reignited hope in the ecosystem’s commitment to deflating the humongous supply.
On a conservative basis, experts project that the SHIB price might soar toward the $0.000015 range if the bullish trend is sustained over the next week.