Shiba Inu (SHIB) has recorded 8.92% growth in the last 30 days as it battles to regain previous bullish levels on the market. The dog-themed meme coin will likely lose another zero if the momentum building in the ecosystem lingers.
Historical May trends fuel optimism for SHIB breakout
According to Cryptorank data, SHIB could record staggering growth this month and position itself to lose a zero from its price. Notably, the meme coin has an average growth rate of 62.5% in May, and if history repeats itself, holders could see a similar rally.
SHIB maintained a positive growth metric in May, and another bull case emerged that might support the meme coin’s price outlook.
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The asset trades in a consolidation zone between the $0.00001167 and $0.0000147 ranges with neutral sentiment. This suggests that SHIB could likely record an uptick supported by historical trends. The bullish set up in May might be all SHIB needs to experience a breakout.
As of press time, the SHIB price was changing hands at $0.00001344, a slight decrease of 0.94% in the last 24 hours. Meanwhile, SHIB traders are pulling back as trading volume has dropped by 7.00% to $164.11 million.
However, in the broader SHIB ecosystem, the deflationary token burn mechanism has been reactivated as efforts are being made to reduce supply. This move could trigger an upsurge in price and align with the bullish scenario that is emerging on the market.
Investors watch for volume spike as sentiment builds
SHIB would need to rally and increase trading volume to confirm the potential for an upward climb.
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Recently, the ecosystem registered an uptick of 510 billion SHIB within minutes, which positively impacted the price. The surge was triggered by the activity of whales and institutional-sized addresses.
SHIB holders are eagerly observing the trend to see how SHIB would perform in the broader market space.
