- A market watcher projected a potential +70% rally for SHIB.
- Despite recent traction, interest in the memecoin dropped slightly.
Shiba Inu’s [SHIB] value has benefited from the memecoin traction seen since September.
According to Decentral Park Capital’s head of research, Kelly Ye, the dominance tipped SHIB alongside other memecoins to outperform Bitcoin.
“WIF, PEPE, BONK and SHIB all outperformed BTC and the benchmark CoinDesk 20 Index over the month.”
Another market watcher projected that SHIB was poised for even more gains and could eye its 2022 resistance levels near $0.00003260.
“$SHIB is marching towards $0.00003260 price very soon than you expect. Memes super cycle is just started”
Source: X
If the target is hit, SHIB could grab an extra 70% potential gains.
SHIB’s on-chain metrics suggest…
Source: Santiment
SHIB’s remarkable performance in September was marked by massive whale interest (spikes in Whale transactions, marked yellow).
Over the same period, daily active addresses (blue) also jumped to a monthly high, underscoring increased network growth and user activity.
Put differently, the memecoin saw wild demand in September and drove the rally. However, the same metrics remained muted in October.
In fact, at press time, daily active addresses sank below August levels, underscoring limited interest in SHIB.
This might delay a strong rebound unless Bitcoin [BTC] clears the $70K psychological level.
Source: Coinglass
From a traders’ positioning perspective, smart money on Binance trimmed long positions after doubling down on the memecoin last week.
At press time, net SHIB longs stood at 59.5%, down from Monday’s high of 61%. This reinforced overall bullish bets but with slight caution amid BTC’s slight retracement.
In the meantime, SHIB has been able to defend a key trendline support since September. If the trend continues, it might reclaim the Q2 price range and move above $0.000020 in the short term.
Read Shiba Inu [SHIB] Price Prediction 2024-2025
But a crack below it would drag SHIB to the 50-day EMA (exponential moving average) near $0.000016.
Source: SHIB/USDT, TradingView
In conclusion, SHIB’s September traction amid an overall bullish outlook could push the meme coin to new highs in the long run. However, reduced market interest could delay a strong recovery in the short term.
