Shiba Inu (SHIB) Dropped 3.5% in 7 Days, Yet Traders Remain Optimistic Suggesting a Potential Bullish Rally

Trader Notes: Rose Premium Signals analyzed the retracement within Shiba Inu's ascending channel, identifying $0.00001623 as a key long-entry zone.

Shiba Inu (CRYPTO: SHIB) has been trading lower this week, with the meme coin down 3.5% over the past seven days.

Despite the recent decline, traders are still optimistic about SHIB, suggesting that the coin could be poised for a potential bullish rally.

Trader Notes: A technical analysis by Rose Premium Signals highlighted the retracement within Shiba Inu's ascending channel on the dailyの時間枠.

According to the trader, $0.00001623 appears to be a key long-entry zone, presenting a potential entry for traders aiming for the next bullish rally.

The trader noted that this retracement aligns with strong Fibonacci levels, suggesting a strong technical foundation for the next upward move.

Post-correction targets include: $0.00002800 (first target), $0.00003500 (second target) and $0.00004170 (final target).

The trader also noted that this retracement appears to be reflecting healthy accumulation, which could be reinforcing SHIB's ongoing bullish trend.

Shiba Inu Stats: IntoTheBlock data shows that the meme coin's large transaction volume dropped by 93.1% over the past day, now sitting at $51.7 million.

Meanwhile, daily active addresses remained largely flat with a slight decrease.

Transactions greater than $100,000 decreased from 181 to 165 transactions.

Shibariumscan data shows that daily transactions have been consistently staying above the 4.7 million mark since more than a month.

As of Jan. 8, it stands at 4.77 million compared to 4.76 million as of Jan. 7.

CryptoDep data shows that SHIB is ranked among the top 10 meme tokens by social activity, specifically in seventh place.

The meme coin had 11,100 posts, 1.55 million interactions, and a 1.15% social dominance.

Community Updates: In a recent appearance on the UpOnlyTV podcast, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu ecosystem, highlighted the varying roles of SHIB, BONE, LEASH, and the upcoming TREAT token, which is slated to launch on Jan. 14.

According to Kusama, each token serves a distinct purpose within the ecosystem.

While SHIB is primarily used as a medium of exchange, BONE functions as a governance token.

On the other hand, LEASH is designed to be a store of value, with a limited supply of 107,646 tokens.

The TREAT token, which will be launching next week, is geared towards innovation and marketing within the Shiba Inu ecosystem.

Kusama also noted that the ecosystem employs a decentralized decision-making framework, where the community plays a crucial role in determining the direction and initiatives of the project.

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