Shiba Inu (SHIB) Eyes Multi-Week High as Key Metrics Skyrocket
2025-01-17
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The broader crypto ecosystem maintains its bullish outlook after the Bitcoin BTCUSD price jumped above the $102,000 mark, benefiting Shiba Inu SHIBUSD. At the time of writing, Shiba Inu has extended its daily growth rate to 7.2%, with the price pegged at $0.0000241. Beyond the price, several key SHIB metrics have also flipped bullish in the push for a higher valuation target.
Shiba Inu performance metrics overview
While the price is a major point of ecosystem optimism, the Shiba Inu trading volume has also jumped remarkably. As of writing time, trading volume is up 39.28%, with a total of $729,378,145.65 shuffled by market traders.SHIB 1D Price Chart. Source: CoinMarketCap">
The trading volume of Shiba Inu on major exchanges like Binance and Upbit has also skyrocketed, showcasing the widespread appeal of the token. 
Shiba Inu Open Interest has also skyrocketed by 12.67% in the past 24 hours. Current market data from CoinGlass shows that SHIB open interest has seen 22.66 trillion tokens committed by traders on the futures market.
As an ecosystem, Shiba Inu is on the frontline of rolling out new projects, products and community-centered initiatives that are boosting the ecosystem hype.
SHIB price projection
Unlike XRP, which has recorded an epic breakout, Shiba Inu still lags in its growth tracks during this bull cycle.
Despite flipping the psychologically important resistance level at $0.000023, SHIB is still down by 74% from its all-time high (ATH) of $0.00008845. With the current ecosystem hype, the confidence that SHIB might pare off this ATH loss gap remains high.
However, sustaining the $0.000024 price mark as a support zone amid intense volatility will determine the next moves. As a major demand source, SHIB whales are active during this period and might help boost the token’s resilience in the short term.