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Shiba Inu (SHIB) is consolidating after a massive rally that saw its price jump as high as $0.0000303, its highest price level since April. Shiba Inu has also drastically fallen in its burn rate metric and sliding prices. Data from Shibburn shows that approximately 4.2 million SHIB have entered burn addresses in 24 hours, with the metric falling by 94%.
Shiba Inu and major ecosystem catch
Multiple metrics measure Shiba Inu's growth performance, which has placed the token in the spotlight. At the time of writing, SHIB's price dropped by 11.82% in 24 hours, and trading volume also nosedived by 37.66%. Amid all of these metric slumps, Shiba Inu has retained a positive rally over the past week and month.
Beyond these, Shibarium has a positive growth outlook after surpassing the 500 million transaction milestone, as projected earlier. This implies that the protocol's usability or adoption is at its highest level, with daily transactions jumping in tandem.
With this rapid embrace, the meme coin might find a notable anchor to pull off a stunning comeback moving forward. Despite the consolidation on the market at the moment, SHIB's price is positioned to resist sell-offs that will see it drop below the $0.000024 level soon.
Banking on historical trends
While relatively younger than established digital currencies like Bitcoin and Ethereum, Shiba Inu has a mixed November performance record. By banking on its more than 34% rally thus far this month, Shiba Inu can ride history to correct the negative flow in its token.
Shiba Inu has defined whale activity, with Open Interest data pointing to sustained optimism among investors. Its correlation with Bitcoin might also prove to be positive for the digital currency.
Should Bitcoin plot a recovery in line with its previous ATH, this could fuel a rally in SHIB.