Shiba Inu Rises 0.28% Amid Market Challenges, Bitcoin Correlation Boosts Resilience

Shiba Inu's latest price was $0.00001417, up 0.28% in the last 24 hours. This resilience has been particularly notable given the broader market challenges faced by meme coins. While many other meme coins such as BONK, PEPE, and DOGE have struggled, Shiba Inu has managed to hold its ground better. This relative stability positions Shiba Inu favorably if investor sentiment in the sector begins to shift positively.

One of the key factors contributing to Shiba Inu's resilience is its strong correlation with Bitcoin. Currently, this correlation stands at 0.82, indicating that Shiba Inu could benefit significantly from any bullish trends in Bitcoin. Over the last week, Bitcoin has surged, and Shiba Inu's performance has exceeded expectations, responding more aggressively to Bitcoin's upward price movements. If Bitcoin continues to rise and breaks above the $100,000 mark, it could trigger new all-time highs for the broader crypto market, with Shiba Inu being one of the biggest beneficiaries among major meme coins.

Another significant development for Shiba Inu is the momentum in its burn rate. The daily burn rate has jumped by 926% to 15.19 million SHIB coins. This practice of token burning is aimed at boosting the valuation of the cryptocurrency by reducing the number of tokens in circulation and creating a sense of scarcity. The total value locked (TVL) in the Shibarium network has increased to nearly $3 million, with all players like ShibaSwap, WoofSwap, K9 Finance DAO, ChewySwap, and DogSwap adding assets in the past seven days. Shibarium's success is beneficial for Shiba Inu as its transactions lead to more transactions and fees, with some of the BONE fees generated in the network being converted into SHIB and burned. The network has handled over 1,09 billion transactions, while the number of addresses is nearing 200 million.

Shiba Inu's strong performance and resilience in the face of market challenges, along with its strong correlation with Bitcoin and the momentum in its burn rate, position it favorably for potential gains in the coming weeks. Its history of sharp rallies once momentum kicks in suggests that it could be well-positioned if the market environment stays bullish. The combination of these factors makes Shiba Inu a cryptocurrency to watch closely in the near future.