Shiba Inu (SHIB) Population Surges : Shiba Inu (SHIB) has emerged as a late but powerful contender in the recent bullish rally of cryptocurrency, taking hold of 70 price increases within 24 hours and rising more than 70% from other meme coins to claim its position among the top 10 cryptocurrency.
While meme coins like PEPE were the stars of the early bullish wave, SHIB has shown remarkable strength since joining in late. According to CoinMarketCap data, its rate of growth has seen it surge by over 100% within seven days alone – cementing its status as a powerful player on the cryptocurrency market. Now trading at $0.00002182 with a market capitalization surpassing $12.8 billion, SHIB currently ranks 13th out of all cryptocurrencies by market cap.
As SHIB continues its upward trajectory, analysts are keen to understand what factors contributed to its recent surge and whether its bullish momentum can remain sustainable. Glassnode data offers great insights into SHIB’s network dynamics; with indicators like Network Value to Transactions Ratio signalling undervaluation that may allow further price appreciation.
Whaling Accumulation and Increased Buying Pressure on SHIB
SHIB’s on-chain metrics reveal an uptick in buying pressure, alongside an increase in exchange outflow. Meanwhile, top addresses appear to be amassing SHIB to take advantage of the token’s rise – likely in tandem with breaking past critical resistance level of $0.0000106 which led to greater optimism from investors regarding SHIB’s future performance.
Technical Indicators Support SHIB’s Continued Rally Technical analysis of SHIB’s daily chart paints an optimistic picture, with indicators like Moving Average Convergence Divergence (MACD) signaling strong buyer dominance and Chaikin Money Flow (CMF) supporting an upward price trajectory and thus reinforcing SHIB’s positive outlook.
SHIB and its Future
As SHIB continues to defy expectations and reach new heights, its crypto community eagerly anticipates its next moves. With bullish sentiment increasing and positive technical indicators bolstering its upward trend, many speculate that its recent surge of 70% could mark just the start of an extended bull run in which SHIB reaches even greater heights in the crypto market.
