- Shiba Inu’s price increased by only 3% in the last seven days.
- The metrics looked bearish, but a few indicators suggested otherwise.
As a seasoned researcher with extensive experience in the crypto market, I have closely monitored Shiba Inu’s [SHIB] price movements over the last week. While other top cryptos like Bitcoin [BTC] and Ethereum [ETH] recorded impressive double-digit gains, SHIB only managed a 3% increase, leaving me concerned about its future prospects.
Last week, numerous cryptocurrencies experienced double-digit percentage increases. Unfortunately, Shiba Inu [SHIB] did not share in this significant surge. The memecoin’s price did rise, but its growth rate fell far short compared to the leading cryptos.
However, the scenario might change in the coming days. Let’s see what’s going on.
Are investors buying Shiba Inu?
Over the past week, Bitcoin (BTC) and Ethereum (ETH), two leading cryptocurrencies, experienced a surge of over 10%, whereas Shiba Inu (SHIB) failed to follow suit.
Based on CoinMarketCap’s data, Shiba Inu’s price had experienced a growth of more than 3% in the last week. Currently, Shiba Inu was being traded at $0.00001797 and boasted a market capitalization exceeding $10.5 billion, positioning it as the crypto with a market value of the 13th largest size.
As someone who closely follows the Shiba Inu community and its developments, I find it intriguing when influential voices like LUCIE share important updates. Recently, LUCIE posted a tweet about a significant shift happening within the Shiba Inu ecosystem. This is an exciting turn of events, as I’ve seen firsthand how the Shiba Inu community rallies around critical news and collaborates to drive progress. Stay tuned for more updates on this developing situation.
According to the tweet, approximately 2.7 billion SHIB tokens, valued at around $48.3 million at the time, were moved from Robinhood to an unidentified wallet. This transaction suggests that a significant investor may have purchased a large quantity of SHIB tokens, potentially leading to a price increase in the near future.
I, as a researcher at AMBCrypto, examined Santiment’s data to determine if there was significant buying pressure for SHIB. According to our findings, the amount of SHIB held by major addresses grew substantially last week, indicating that whales were actively accumulating SHIB.
Although other indicators suggested as much, the preponderance of selling activity was evident in the market. For instance, SHIB‘s exchange supply surged significantly while its off-exchange supply diminished.
As a researcher studying the market trends of SHIB, I’ve observed an increase in outgoing transactions, indicating that investors were offloading their SHIB holdings. Furthermore, there was a significant surge in the number of SHIB being transferred out, which serves as further evidence of this selling behavior.
SHIB’s latest troubles
In simple terms, when there’s increased demand to sell a particular asset, its price may experience a downturn as a result. Additionally, other indicators pointed towards this possibility. For instance, the memecoin’s NVT (Network Value to Transactions) ratio became inflated, suggesting that the token was overpriced and potentially due for a correction.
The MVRV ratio, a bearish indicator, decreased during the past week. However, Shiba Inu’s network expansion was robust, with an increasing number of new wallets transacting the cryptocurrency.
To gain a clearer perspective, let’s examine SHIB‘s daily chart in more detail. Contrary to the metrics, the majority of market signals indicated a bullish trend. The momentum indicator MACD showed a strong bullish signal within the market.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
The Chaikin Money Flow (CMF) indicator for Shib has experienced a significant surge, suggesting that Shib’s price may rise in the near future.
Nonetheless, the Money Flow Index (MFI) was resting under the neutral mark, which looked bearish.
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2024-07-21 16:07