Market Sentiment and SHIB Performance
The official Shiba Inu team recently communicated with its community via X, emphasizing the significance and utility of memes. The broader cryptocurrency market is currently experiencing a period of intense fear, as indicated by the Fear and Greed Index standing at 12 out of 100. Liquidity in altcoins remains notably limited.
Last Friday, the price of SHIB reached a low of $0.0000071, a level not observed since October 2023. Since then, it has seen a slight recovery, trading at $0.000007998, representing a 0.94% increase in the past 24 hours. Concurrently, token burns have experienced a significant surge, rising by 1,087% in the last 24 hours and removing 15,970,661 tokens from circulation. Transactions on the Shibarium network have also seen a substantial increase, with a 114% rise over the last five days, moving from 1,850 to 3,960 transactions.
Price Action and Future Developments
The SHIB price saw an upward movement from $0.00000756 to an intraday high of $0.00000814. The performance of Bitcoin is anticipated to be a crucial factor in driving a wider market rebound, particularly if it manages to surpass the $90,000 mark. In upcoming developments, Coinbase is set to launch SHIB perpetual futures in the U.S. on December 12. Additionally, the exchange will enable 24/7 trading for all altcoin monthly futures starting December 5.