3 Reasons Why SHIB Can Bounce Back From This Correction

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It has not been a great month for hodlers of Shiba Inu, as SHIB notes a strong price retrace these past 30 days. It makes some speculators wonder if there will be another bull run, although that remains rather likely. But, more importantly, exciting things are happening behind the scenes, even if they might not impact the price directly. 

SHIB Faces A Roadblock

It is not uncommon for cryptocurrencies to note a setback and correction after noting very bullish momentum. If that currency is up by 66,000,000% for the year, a 40% setback is bound to happen sooner or later. However, it is only a setback from the recent all-time high and far from a permanent retrace. While SHIB holders might not be too happy with how things have gone this month, the overall uptrend remains firmly in place. 

Source: CoinGecko

Currently valued at $0.0000387, SHIB is still the 12th cryptocurrency by market cap today. That remains an impressive feat for a currency many people considered – and some still consider – as a joke. Its overall market capitalization remains well above $21 billion, ensuring it can remain within reach of the top 10. Additionally, the $1.57 billion in trading volume remains impressive, thanks to Binance and Coinbase doing their part.

SHIB Lands On NewEgg

One thing to keep an eye on with Shiba Inu is whether it becomes more useful as a currency. It is not just a meme coin but an ecosystem with utility, making it somewhat appealing to merchants and retailers. Newegg decided to introduce Shiba Inu support for Cyber Monday, although the deal may last a while longer. It is an exciting addition to the overall Shiba Inu ecosystem, although it remains to be seen if people will spend their precious SHIB on this site. 

Burning SHIB With Spotify

One of the more exciting developments in the Shiba Inu ecosystem is the burning of SHBI tokens. More specifically, Spotify users turning into the SHIB BURNER playlist can burn the token by merely listening. More specifically, the artists in the playlist use 20% of their earnings to remove tokens from circulation forever. 

It does not represent much value per individual user, but it can have a significant impact on the overall supply when combined. Users can listen across different devices or even have it play in the background with audio off if they prefer that option. If the entire community ran this playlist for several hours a day, exciting things could happen to Shiba Inu. 

Overall Support Levels Remain Intact

One may want to look at the support levels for a more technical approach to the SHIB price. Those levels have been tested several times recently, yet the price has not dropped below them whatsoever. The big question is if this trend will remain in place or whether things will change, for better or worse. For now, it seems there may be more sideways momentum with a minor bearish impact. 


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