In 2021, Shiba Coni, which boomed and offered investors huge earning opportunities, is on the move. With the bubble in Pepe Coin and other so-called opportunity altcoins with low market capitalization deflating, Shib is starting to come into its own. So what’s next for the second largest meme coin? What’s in store for investors?
Shiba Coin Price Analysis
After falling 32% in May, the price of Shiba Inu (SHIB) is up over 50% today and on-chain data is exciting Shiba Coin traders. This week, on-chain data tracking Shiba Coin sent green signals multiple times. This seems to be linked to the drop in the PEPE Coin price. Unable to defend the $0.0000015 support as predicted, PEPE Coin is now in free fall.
It seems that investors are turning to less risky meme coins as the excitement subsides. Shiba is one of them. Despite the continued downward pressure on the Bitcoin price, investors have more than one reason to believe that Shiba Coin is bullish. In the short term, the rise may begin.
Shiba Coin Price Prediction
After a massive sell-off in the first week of May, long-term investors in the Shiba Inu network now seem to be regaining confidence. The indicator says that more investors continue to hold tokens. This reflects confidence in Shiba Coin. The chart below clearly shows the decline in Age Consumed.
The consumed age measures the time since the last move between addresses for each traded coin. As observed above, the decline in the Consumed Age suggests that the number of long-term investors is increasing. If the decline continues, it could lead to a significant drop in selling pressure and trigger further price increases.
The current unrealized loss levels of most Shiba Inu investors suggest that selling pressure at the current price may be minimal. The last time the MVRV ratio for Shiba Coin fell this low was during the March crash. The sell-off on concerns that US banks were on the verge of a larger wave of bankruptcies created an environment in which the Bitcoin price lost $20,000. The good news is that Bitcoin is still above $25,000, and MVRV says that for many altcoins, a regional bottom may now be in sight.
Shiba Coin traders can target $0.000012 in a possible bullish scenario.
