Shiba Inu Volatility Above 60%
The volatility of Shiba Inu (SHIB) has remained high, indicating potential implications for its price. According to data from IntoTheBlock, the volatility levels of SHIB are currently above 60%. This rise in volatility followed an increase in the altcoin’s price, which was influenced by improved market sentiment.
IntoTheBlock data reveals that the volatility reached a high of 64.21% on November 21 before decreasing. However, the decline has been limited, and as of now, the Shiba Inu volatility sits at 60.67%.
This is a significant increase from its 30-day low on November 4 at 41.27%. The sustained high volatility carries implications for the digital asset and could suggest further upside potential.
What The High Volatility Means For SHIB Price
Historically, high volatility has been beneficial for cryptocurrency prices. For instance, during Shiba Inu’s price surge in 2021, the cryptocurrency experienced its highest volatility, reaching 12,061% according to IntoTheBlock data.
This current increase in volatility has also coincided with price jumps for SHIB. As the volatility rose from its November lows of over 50%, the price of SHIB also increased from $0.0000077 to as high as $0.0000094.
Observing the chart, it can be seen that when the price reached its peak of $0.000009578 on November 11, the volatility had already surpassed 46%. With the current volatility still above 60%, it suggests that the meme coin’s rally is far from over.
If the volatility continues to rise, it is expected that the Shiba Inu price will follow suit. With the rally already reignited, this could potentially push the price above $0.00001 and set it on a path towards a significant bull run.
Currently, the SHIB price is following the general market trend. However, there has been an increase in profitable holders. According to IntoTheBlock data, Shiba Inu’s profitability is currently at one of its highest levels in the past three months at 21.46%.
Hot Take: Shiba Inu Volatility Points Towards Potential Price Upside
The high volatility levels of Shiba Inu indicate potential upside for its price. With volatility holding above 60%, historical trends suggest that this could lead to further price increases. As seen in previous instances, high volatility has often accompanied significant price movements for SHIB.
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