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Shiba Inu (SHIB) price continues to move in the same trend as Dogecoin but the asset is having problems sustaining its gains.
In fact, earlier today, the crypto managed to register a 10.3% price pump over a 24-hour period as it traded for $0.00001342.
But, according to the latest tracking from Coingecko, SHIB entered a short-term price correction phase as it is now down by 3.3% on its intraday charts. At press time, it is trading at $0.00001252.
Despite this, Shiba Inu is still sitting on a 22.3% increase over the last seven days and it has also tallied a 14% surge during the last 30 days.
It is important to note that the time when the crypto made its recent price rally coincides with the time when Dogecoin managed to hit the $0.15 level for the first time since the month of April.
This further supported the thesis stating that SHIB is riding the momentum of the hottest altcoin in the crypto space today.
A Crucial Position for Shiba Inu To Hold
While, SHIB’s ability to sustain price surges that are inspired by both Elon Musk and Dogecoin, some analysts believe that its recent upswings are not just one-time bursts and could be considered as indications of bullish trends.
In fact, Shiba Inu is keeping its head above water as it stays above the immediate support level of $0.0000118.
If it is able to maintain that and move on an upward trend, there is a high likelihood that it might start to retest the $0.0000184 resistance zone as it aims to reach the $0.00002 marker.
If current performance is any indication, Shiba Inu might be able to pull this off as it is performing well over the last few days.
Not only did it have a price pump, but it also managed to increase its total market capitalization, from $5.46 billion to $7.38 billion.
Shiba Eternity: SHIB’s Saving Grace?
While Dogecoin is banking on the possibility of it being made into an acceptable payment for some services in Twitter (now owned by Elon Musk), to trigger more bullish runs in the coming days, SHIB is looking at Shiba Eternity to do the same.
The free-to-play mobile trading card game is aiming to widen the reach of the Shiba Inu ecosystem and eventually increase the utility and demand of the SHIB token.
Lack of utility has always been one of the fatal flaws of this crypto that started as a spin-off of Dogecoin as its almost 100 trillion supply makes it highly inflated.
Among other efforts to help boost the trading prices for the asset is massive burning. The latest update released about this activity revealed that more than 268 million SHIBs were burned (destroyed).
SHIB market cap at $6.49 billion on the daily chart | Featured image from Bloomberg.com, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.