Shiba Inu ecosystem tokens BONE and LEASH were also demonstrating comparable gains as SHIB price jumped
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The rebound in Shiba Inu's price follows days of declines, during which the cryptocurrency nursed significant losses. Shiba Inu plummeted for three days in a row, mirroring the broader crypto market crash, which saw Bitcoin plunge to lows of $60,822 in its steepest sell-off in more than a year.Broader market dynamics and sentiment may play a role in Shiba Inu's price reversal. The cryptocurrency market is known for its volatility, with prices often influenced by a myriad of factors, including news events, market speculation and investor sentiment.
As SHIB continues its upward climb, the market watches with keen interest. Whether this reversal signals the start of a long-term rally or just a dead cat bounce remains to be seen.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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