The Shiba Inu (SHIB) cryptocurrency has recently experienced a substantial uptick, aligning itself with the broader market rally. Initially lagging behind, the meme coin has seen a dramatic price surge in the last day, drawing significant investor interest. While coins such as PEPE have previously thrived during market upswings, SHIB’s delayed reaction did not deter it from ultimately capturing the spotlight with its recent gains.
Market Movement and Sentiment Analysis
Recent statistics from 21milyon.com reveal a remarkable 100% increase in SHIB’s price over the past week, with a 70% jump recorded in the past day alone. Currently, SHIB boasts a valuation of over $12.8 billion and holds the position as the 13th largest digital currency at a trading price of $0.00002182. Following this surge, a notable spike in SHIB’s social volume and bullish sentiment has been observed, reflecting heightened investor enthusiasm.
Data from Glassnode, a crypto analytics firm, indicates that Shiba Inu’s transaction value to network value (NVT) ratio has declined in correspondence with the price hike, hinting at potential undervaluation and room for further growth. Additionally, the Market Value to Realized Value (MVRV) ratio and network growth have seen upward trends, signifying increased token transfers and possibly more price appreciation.
Technical Indicators and Whale Activity
The recent price surge of SHIB has been accompanied by a rise in buying pressure, potentially linked to heightened exchange outflows. The accumulation of SHIB by top addresses suggests that ‘whales’ may be stocking up, even at elevated prices. Technical analysis of Shiba Inu’s daily chart shows a breakthrough past the key resistance level at $0.0000106, paving the way for its recent rally.
Technical indicators reveal that the Moving Average Convergence Divergence (MACD) points to a buyer-dominated market, while the Chaikin Money Flow (CMF) has also climbed, supporting the likelihood of ongoing positive price action. However, with the Relative Strength Index (RSI) indicating an overbought condition, there’s a potential risk of sell-off pressure that might challenge SHIB’s upward trajectory.