Shiba Inu Price Stabilizes After Support Break

Shiba Inu (SHIB) is trading at $0.0000009174, up 0.16% in the past 24 hours, with a market capitalization of $5.4 billion. Trading volume increased 11.28% to $168.54 million.

The token’s outlook weakened in late October after falling below $0.00001, and it reached its lowest level since January 2024 in early November, confirming a nine-month downtrend. This period was characterized by low volatility and competition from newer meme coins.

Recent on-chain data reveals a surge in SHIB exchange outflows, increasing 397%, with the seven-day moving average reaching 2.36 billion tokens. This suggests investors are moving assets off centralized exchanges, potentially indicating accumulation.

SHIB has since stabilized near $0.0000099, recovering from a recent low of $0.0000085. Reduced sell-side pressure often accompanies early-stage trend reversals.

The impact of Elon Musk’s endorsements, once a significant price driver, has diminished. Previously, Musk-related comments triggered substantial rallies in SHIB and Dogecoin; however, a recent clip saw minimal price correlation.

Despite the diminished “Musk effect,” the shrinking supply on exchanges combined with emerging real-world applications could provide a foundation for recovery in 2025, assuming broader market stability.

A new partnership with Unity, a blockchain-based telecom testing network, represents a potential significant real-world use case. SHIB will be utilized within the platform for purchasing nodes, receiving payouts, and through a dedicated payment gateway.

Unity plans to limit its network to 6,000 nodes, introducing scarcity. While the scale of real-world demand remains uncertain, this integration positions SHIB for possible adoption beyond speculative trading.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.