As the cryptocurrency market enters a bullish cycle, led by its representative asset, Bitcoin (BTC), which has recently crossed the $43,000 barrier, Shiba Inu (SHIB) is also making strides, finally surpassing the psychologically important level at $0.00001. So, is it too late to invest in it?
Indeed, SHIB has become one of the major “dog coins” to make a breakout earlier this week, in addition to Dogecoin (DOGE) and Floki (FLOKI), as stock and cryptocurrency analyst Jake Wujastyk observed, accompanied by a significant spike in trading volume, as Finbold reported on December 6.
Optimistic indicators
Furthermore, indicators suggest the potential for further bullish growth of this cryptocurrency, aided by an intense burning mechanism reducing the supply of Shiba Inu in circulation and other positive on-chain trends, such as the number of transactions on the layer-2 blockchain Shibarium soaring to nearly 59 million.
It is also worth noting that the amount of daily transactions has soared from a mere 16,630 on November 29 to the current number of 7.69 million, which represents an impressive increase of 46,141.7%, according to the data retrieved from the Shibarium explorer Shibariumscan on December 8.
On top of that, Shibarium has also seen a sharp rise in average gas fees, soaring to 2,358.67 Gwei as of December 7, which represents an increase of 140,716% from 1.68 Gewi on December 1, suggesting heightened adoption and growing use within the SHIB ecosystem.
Shiba Inu price analysis
Meanwhile, this crypto asset was at press time changing hands at the price of $0.00001004, recording an increase of 4.45% on the day, a more significant gain of 20.82% across the week, as well as advancing as much as 22.23% in the last month, and over 40% in the last 60 days, as the most recent charts suggest.
All things considered, it is probably not too late to invest in Shiba Inu, but it might take off further soon, particularly as altcoins are about “to go ballistic,” as crypto trading expert Michaël van de Poppe stated, and crypto market analyst Crypto Tony said that “altseason is inevitable” (with possible pullbacks as part of the process).