- Buying pressure was high on SHIB last week.
- Market indicators suggested the next few days would be slow.
Memecoin remains one of the top cryptocurrency categories over the past few months as its popularity has skyrocketed. Shiba Inu (SHIB) On the social front, he was one of the best performers among memecoins.
But will SHIB be popular enough for investors to make a profit?
Explore your Shiba Inu’s social metrics
LunarCrush recently posted: Twitter We highlight the social activities of your Shiba Inu over the past six months. According to the tweet, interactive posts on Memcoin surged by more than 96,000%. Total interactions alone increased by over 12,000%.
These data sets clearly reflect the significant increase in popularity of SHIB in the cryptocurrency space. AMBCrypto’s analysis of Santiment’s data shows that bullish sentiment surrounding the token has been dominating the market for several weeks over the past 30 days.
Source: Santiment
However, SHIB’s soaring social indicators have not had a positive impact on the memecoin’s price action over the past month. According to CoinMarketCapSHIB’s value has fallen more than 14% in the past 30 days.
However, the scenario started to change last week when the price chart turned green. Over the past seven days, the price of SHIB has surged nearly 4%. At the time of writing, it is trading at $0.00002767 with a market capitalization of over $16.3 billion, making it the 12th largest cryptocurrency.
SHIB’s uptrend may not last
Since memecoin’s weekly chart was green, AMBCrypto checked SHIB’s indicator to see whether the upward trend would continue. The Shiba Inu’s MVRV rate has been shown to improve over the past 7 days.
Exchange outflows also surged several times, meaning there was high buying pressure on Memcoin. Nonetheless, the surge in NVT rates has raised concerns.
A rise in the indicator means the asset is overvalued and suggests a possible price correction.
Source: Santiment
A check of SHIB’s technical indicators revealed more red signals. The Relative Strength Index (RSI) moved sideways near the neutral line, suggesting investors could witness a slow-moving move for a few days.
Moreover, Bollinger Bands indicate that SHIB’s price is in a less volatile zone, further reducing the likelihood of unprecedented price rises in the near term.
Source: TradingView
read Shiba Inu (SHIB) Price Prediction 2024-25
What’s interesting is that while the price of SHIB rose last week, the ecosystem token BONE Sivas Swap (BONE) Didn’t follow the trend.
The price of BONE has fallen almost 2% in the past week. At the time of this writing, BONE transaction The market capitalization is $0.6969, which is over $160 million.