As cryptocurrency investors take a wait-and-see approach to the market, the majority of assets are slowly entering local consolidation channels that might act as a temporary cool off before the volatility returns to markets.Despite the deceleration of the rally on Shiba Inu, the meme asset could still be aiming at a further recovery following the increased amount of Shiba Inu that gets destroyed on the market daily.
From a market perspective, Shiba Inu acts as one of the best risk exposure tools in the cryptocurrency industry. SHIB's volatility has always attracted short- and midterm retail traders and investors who were trying to catch quick profit by utilizing SHIB's enormous changeability.Since the beginning of the rally, Shiba Inu gained more than 47% to its value in less than a month.
At press time, Shiba Inu is trading at $0.000012 and consolidating at the pivotal resistance level reflected in the six-month trend line which, if broken, should act as a strong start for SHIB's movement upward.Lido Finance's token is also joining the wild ride on the market as the number of staked Ethereum exceeds the important threshold of 16 million tokens.