The cryptocurrency market has recently been on the rise, but Shiba Inu (SHIB) has been left behind. Additionally, SHIB’s price movement gained momentum with a significant increase in the last 24 hours. Many meme tokens, particularly the trending PEPE, have shown notable performance when the market has rallied in the past. However, SHIB was late to join the surge in cryptocurrencies but has since caught the attention of investors.
Current Data on SHIB
According to 21milyon.com, SHIB has seen an increase of over 100% in the last seven days. In fact, its value has risen by more than 70% in just the last 24 hours. At the time of writing this article, SHIB was trading at $0.00002182 with a market value of over $12.8 billion, making it the 13th largest cryptocurrency. The price increase has also led to a rapid rise in SHIB’s social volume. As the increased weighted sentiment suggests, the bullish sentiment around the meme token has also grown.
According to data from the cryptocurrency analytics firm Glassnode, Shiba Inu’s transaction value to network value (NVT) ratio decreased as the price increased. A decrease in this metric could mean that the value of an asset is low, which could indicate a further price increase. SHIB’s Market Value to Realized Value (MVRV) ratio also increased. Another bullish metric was network growth. This could mean that more new addresses are being created to transfer the token, which could drive the price up.
The Uptrend in SHIB
During the price increase of the meme token, the buying pressure on it also increased. This could be due to an increase in exchange outflows. Additionally, an increase in the supply held by top addresses could indicate that whales are accumulating SHIB at higher prices. When examining Shiba Inu’s daily chart, it was revealed that the token successfully surpassed the resistance level of $0.0000106, allowing for significant gains.
The Moving Average Convergence Divergence (MACD) indicated that buyers are leading the market. SHIB’s Chaikin Money Flow (CMF) also recorded an increase. This could suggest a high probability of continued price movement towards a decline. However, nothing can be said for certain as the Relative Strength Index (RSI) is in the overbought zone. This could create selling pressure affecting the meme token’s bull rally.
