The Shiba Inu meme cryptocurrency saw significant price fluctuations on Friday, rebounding with intraday gains of up to 5% despite a 14% crash over the past week. This volatile price action has sparked speculation among crypto investors about SHIB’s near-term trajectory.

While weekly charts show a decline, SHIB’s monthly performance remains positive with a 27% gain. The token’s price movements have created uncertainty in the market, though on-chain metrics and recent developments paint a potentially bullish picture.

The Shiba Inu ecosystem has been rolling out several upgrades lately that could boost its market position. The project’s marketing lead recently hinted that the launch of ‘Shib the Metaverse’ is imminent. This could be a game-changer, allowing users to discuss ideas, vote on proposals, and shape future strategies.

Additionally, the SHIB community has suggested a SHI stablecoin may soon launch on the Shibarium network. These enhancements to the ecosystem’s offerings could shift market sentiment in a positive direction.

On-chain data is also fueling optimism. Massive token burns continue to reduce SHIB’s circulating supply, potentially setting the stage for price appreciation. Recent whale activity, with large investors moving over 8 trillion SHIB tokens, hints at bullish sentiment among major players.

The broader crypto market’s hopes for an “Uptober” rally are adding to positive projections for SHIB. Despite recent price volatility, many crypto enthusiasts remain optimistic about the meme token’s prospects in the near future.