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Shiba Inu (SHIB) is among the top trending digital currencies today as it is gradually facing an easing in its selling pressure, according to on-chain data. The meme coin is currently trading at a price of $0.00001078, up by 0.93% over the past 24 hours, showcasing almost balanced trading activity between buyers and sellers.
Shiba Inu has been on a losing streak for the better part of a week as the price action has remained somewhat erratic, to the benefit of the bears. According to the chart below, the digital currency touched a low of $0.00001033, pushing its current price as a significant upshoot for even short-term holders.
With a recovery now incoming, there are three factors that can help fast-track the growth it is looking to chart in the short term. The first is the persistence of the current bullish market momentum that can help SHIB maintain a positive growth correlation with Bitcoin.
Also, a new update about Shibarium might be a good trigger for SHIB investors to renew the buying pressure in the short term. Finally, growth in on-chain metrics like the burn rate can also solidify the growth the digital currency is looking to chart in the short to medium term.
Influencing SHIB army
Shiba Inu has one of the most vibrant communities in the digital currency ecosystem of today, and most have come to trust the meme coin for innovative utilities that can help drive growth.
The meme coin just has to appeal to its army for its longer-term growth push, and this it can do with the emergence of Shibarium and other functional partnerships it is inking across the board. Shiba Inu is now a major brand in Web3.0, and more eyes are fixed on the token that is pivoting to be a major Layer 2 driver.