- At press time, SHIB’s price increased by more than 25% in the last seven days.
- Metrics and market indicators supported the possibility of a further uptrend.
Shiba Inu [SHIB] recently outperformed all the other cryptos on the top 20 list with its price action.
According to CoinMarketCap, SHIB registered double-digit weekly gains. At the time of writing, its price had increased by more than 8% in the last 24 hours and was trading at $0.00001501 with a market capitalization of over $8.2 billion.
Most of this hike can be attributed to the hype around the launch of SHIB’s much-awaited Shibarium. However, a look at SHIB’s on-chain metrics suggested that a few other factors were also at play.
Realistic or not, here’s SHIB’s market cap in BTC terms
What went in SHIB’s favor
Santiment’s chart revealed that SHIB’s MVRV Ratio shot up considerably over the last few days as its price soared.
The uptrend was accompanied by an increase in volume, which acted as its foundation.
Thanks to the price pump, SHIB remained a topic of discussion in the community, as indicated by its social volume. Furthermore, the meme coin’s network growth registered an uptick which clearly hinted that Shiba Inu was not under selling pressure.
Moreover, CryptoQuant’s data pointed out that SHIB’s exchange reserve was decreasing, suggesting a rise in demand.
The increase in price also made the meme coin the first choice of the whales. WhaleStats, a popular Twitter account that posts updates related to whale activity, revealed that SHIB topped the list of the cryptos that the top 1000 Ethereum whales were holding.
The top 1000 #ETH whales are hodling
Whale leaderboard https://t.co/jFn1zIOq03 pic.twitter.com/9Z7zWjaNP4
— WhaleStats (tracking crypto whales) (@WhaleStats) February 4, 2023
Interestingly, despite whales’ confidence in the token, SHIB’s supply held by top addresses decreased slightly last week.
Much to the investors’ surprise, a few metrics didn’t support the token’s price growth. Consider this- SHIB’s daily active addresses registered a drop, which was a negative signal.
The same was true for the transfer volume metric as well, which gave a bearish signal.
How much are 1,10,100 SHIBs worth today?
Bulls are far from stopping?
SHIB’s daily chart suggested that the bulls were leading the market, as most of the market indicators put forward the possibility of a further increase in the token’s price.
The MACD displayed a bullish crossover. SHIB’s Exponential Moving Average (EMA) Ribbon favored buyers, with the 20-day EMA well above the 55-day EMA.
At press time, even the Chaikin Money Flow (CMF) registered an uptick and headed northward from the neutral mark.
SHIB’s price was in a high volatility zone as revealed by the Bollinger Bands. However, the Relative Strength Index (RSI) was well above the overbought mark, in which case, the possibility of a trend reversal can’t be ruled out in the near term.