Shiba Inu (SHIB) is potentially rebounding in the market as Bitcoin (BTC) surged to $67,000, a level not seen in over three weeks. According to CoinMarketCap, SHIB has gained 10% in the past week, reaching $0.00002499. However, the token is encountering mixed signals regarding its on-chain metrics.

Price Fluctuations and Reduced Volume

Over the last 24 hours, SHIB's price has risen by 0.85%, attempting but failing to surpass the $0.00002461 to $0.0000253 range. The main hurdle has been the decreased trading volume, which has fallen by 36.76% to $407,626,780. This decline in volume suggests bearish sentiment, potentially hindering SHIB from breaking out above the critical $0.0000253 level for an extended period.

Market Position and Competition

Despite these challenges, Shiba Inu remains one of the most closely monitored meme coins in the market. However, it has struggled to reclaim its position among the top 10 digital currencies, with protocols like Toncoin gaining more traction recently due to SHIB's bearish performance.

Recent Developments and Whale Activity

Shiba Inu has garnered attention with several upgrades and milestones on Shibarium, its Layer-2 scaling solution. Notable developments include the Shibarium hard fork and the launch of ShibaSwap on the L2 platform, underscoring the token’s potential to outperform the broader market.

Moreover, Shiba Inu whales have demonstrated interest in influencing the token’s liquidity. Recently, a Shiba Inu whale reemerged after three years, earning a profit of $3.2 million, as reported by U.Today. This whale activity indicates a willingness to support SHIB, despite prevailing market challenges.

Prospects and Strength

Despite facing hurdles such as low trading volume and market volatility, SHIB aims to maintain its resilience around the $0.000025 threshold. The recent technological advancements and strategic actions by influential whales suggest that SHIB could overcome its bearish trends and experience a sustained recovery.