The Shiba Inu volatility level has remained rather high through the ups and downs of the market which could bode well for the meme coin’s price. According to data from IntoTheBlock, the SHIB volatility levels are still holding firmly above 60%. So what could this mean for the price?
Shiba Inu Volatility Above 60%
Over the last month, the Shiba Inu volatility has risen quickly, overtaking the 60% level. This volatility rise followed the increase in the price of the altcoin that was triggered by the improvement in the general market sentiment, causing pricing to recover quickly.
As IntoTheBlock data shows, the volatility hit a local high of 64.21% on November 21 before correcting back downward. However, the decline has been quite constrained and as of the time of this writing, the Shiba Inu volatility is still firmly sitting at 60.67%.
This is a significant increase from its 30-day low that was recorded on November 4 at 41.27%. And as this volatility remains high, it carries a number of implications for the digital asset that could signal more upside to come.
SHIB price above $0.000008 | Source: SHIBUSD on Tradingview.com
What The High Volatility Means For SHIB Price
High volatility can often be good for a cryptocurrency’s price based on past performance. For example, back when Shiba Inu had its insane price pump in 2021, the volatility of the cryptocurrency was at its highest, with IntoTheBlock data showing it reached as high as 12,061% in early 2021.
This increase in volatility has also coincided with price jumps throughout its lifetime and this time around, it has not been different. As the volatility rose from its November lows of over 50%, so did the price, with SHIB going from $0.0000077 to as high as $0.0000094.
The chart shows that when the price hit its November peak of $0.000009578 on November 11, the volatility had already jumped above 46%. So with the volatility still holding above 60% now, it suggests that the meme coin is far from done with its current rally.
If the volatility continues to rise from here, then expectations are that the Shiba Inu price will follow. Given the rally has already been kickstarted once again, this could send the price back above $0.00001, putting it on a path to a massive bull run.
For now, the SHIB price is following that of the general market trend. Nevertheless, there has been a marked increase in the number of holders that are currently seeing a profit. According to IntoTheBlock data, Shiba Inu’s profitability is sitting at one of its highest levels in the past three months at 21.46%.
Go to Source
Author: Best Owie