- SHIB holders had average unrealized profits of 52% on their investments at press time.
- A sharp increase was observed in SHIB addresses holding between 0–10 coins.
Popular meme coin Shiba Inu [SHIB] moved sideways in the last 24 hours of trading, as traders took a breather after trading billions of dollars of the token over the week.
Broadly, the tenth-largest cryptocurrency spiked 65% over the week, and a whopping 270% in the last month, fueled by a bull market that has pushed prices of assets tied to internet memes soaring.
SHIB investors sitting on big gains
According to AMBCrypto’s examination of Santiment’s data, SHIB’s daily volumes have lifted dramatically over the last two weeks, reaching levels last seen during the market’s previous bull cycle.
The lure of higher returns was enticing traders in hordes. As of this writing, SHIB holders had average unrealized profits of 52% on their investments, as gauged by the 30-day MVRV Ratio.
Source: Santiment
Watch out for these levels
At press time, SHIB was exchanging hands at $0.000034.
Technical analyst Ali Martinez highlighted a key resistance level at $0.000038, breaching which could spur a 40% rise in SHIB’s value to even $0.000052.
However, if SHIB fell below the crucial support at $0.000033, the aforementioned bullish narrative would be nullified.
AMBCrypto analyzed some of SHIB’s other key technical indicators to predict its next moves.
The Relative Strength Index (RSI) was still moving in the overbought territory, signaling a potential correction in SHIB’s price in the near term.
That being said, the overriding sentiment was bullish, as RSI typically stays in the 40 to 90 zone during uptrends.
The Moving Average Convergence Divergence (MACD) line crossed above the signal line, implying strong buying pressure and continuation of the upward momentum.
Source: Trading View
Retail investors take center stage
SHIB’s rally was powered by retail investors, as seen by the sharp increase in addresses holding between 0–10 coins.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Moreover, the rate at which new users were entering the network accelerated sharply in recent weeks, implying growing adoption.
Source: Santiment
Meanwhile, the SHIB market entered the “Extreme Greed” phase at press time, as seen through Hyblock Capital’s data. This meant that the demand for SHIB remained strong, setting the door for further gains.
Source: Hyblock Capital.
