- Buying pressure on SHIB was high last week.
Market indicators hinted at a few slow-moving days ahead.
Over the last several months, memecoins have continued to be a highly sought-after category in the crypto world due to their surging popularity. One notable memecoin that gained significant traction on social media was Shiba Inu [SHIB].
But will popularity be enough for SHIB investors to earn profits?
A look at Shiba Inu’s social metrics
In a recent tweet, LunarCrush shared that Shiba Inu experienced significant growth in social media engagement over the past six months. Specifically, there was a more than 96,000% increase in post engagements and over 12,000% rise in total interactions for this memecoin.
The data from these sources demonstrates the significant surge in interest for SHIB within the cryptocurrency world. According to AMBCrypto’s examination of Santiment’s figures, a bullish outlook towards the token prevailed among investors for multiple weeks over the past month.
Despite a significant increase in SHIB‘s social media activity during the past month, the memecoin’s price did not respond positively. In fact, its value decreased by over 14% according to CoinMarketCap data within the previous 30-day period.
Last week marked a shift in SHIB‘s situation as its price graph became green. Over the past seven days, the coin experienced an almost 4% surge in value. At the current moment, SHIB was being traded at $0.00002767 with a market cap exceeding $16.3 billion, positioning it as the twelfth largest crypto by market size.
SHIB’s uptrend might not last
After noticing that the memecoin’s weekly graph showed gains, AMBCrypto examined SHIB‘s key performance indicators to determine if the upward trend would persist. One such indicator, the MVRV ratio for Shiba Inu, had improved over the past week.
The coin saw increased outflows during certain exchanges, indicating strong buying interest. However, the NVT ratio raised concerns as it dramatically rose.
A rise in the metric means that an asset is overvalued, hinting at a possible price correction.
Upon examining SHIB‘s technical data, an increase in red warning signs was detected. The Relative Strength Index (RSI), which hovers around the neutral zone, implies potential for a quieter trading period ahead for investors.
Additionally, according to the Bollinger Bands, SHIB‘s price was currently in a more stable range. This suggested that significant price increases were unlikely to occur in the near future.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Last week, SHIB‘s price rose, but surprisingly, the price of Bone ShibaSwap (BONE), SHIB‘s ecosystem token, didn’t mirror this trend.
Last week, the value of BONE decreased by almost 2%. Currently, it is being exchanged for $0.6969 per unit, and its total market worth exceeds $160 million.
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2024-04-12 22:15