- Shiba Inu sees increased excitement and market activity but faces challenges with lower trading volumes.
- Bitcoin’s bullish trend might boost Shiba Inu prices.
Shiba Inu [SHIB] has generated substantial excitement among its holders with its price action recently. As of press time, Shiba Inu was priced at $0.00001785, reflecting a 0.40% increase over the past 24 hours.
Despite high market activity, with a daily trading volume of $422,566,277, SHIB has underperformed relative to other meme coins, facing lower trading volumes and a stagnant market cap.
Bitcoin’s influence on the market
The broader crypto market is undergoing changes, largely influenced by Bitcoin’s recent bullish trend. Bitcoin [BTC] is projected to reach $200,000 by 2024-2025, driven by various macroeconomic and political factors.
Historically, Bitcoin’s performance has been a key driver of overall market sentiment. A strong Bitcoin trend often boosts the performance of other cryptocurrencies, including Shiba Inu.
This potential bullish trend for Bitcoin could have important consequences for altcoins like SHIB, influencing their market dynamics.
Shytoshi Kusama’s recent alert
Meanwhile, Shiba Inu’s lead, Shytoshi Kusama, recently addressed misinformation regarding the upcoming TREAT token. Kusama highlighted a recent article by Crypto.com that incorrectly assumed the TREAT token had been launched.
This warning echoed concerns raised by the Shiba Inu-focused X account, ShibArmy Scam Alerts, which cautioned SHIB holders about a fake TREAT token site being shared. Kusama’s alert aims to protect the community from potential scams and misinformation.
Watch out for scammers on #Telegram impersonating @ShytoshiKusama and asking you for funds.
Kusama will never request funds from you.
Stay SAFE #Shibarium pic.twitter.com/RSpjOWATtm
— Shibarmy Scam Alerts (@susbarium) July 20, 2024
What about SHIB prices?
According to a recent AMBCrypto report, a rise in selling pressure has historically led to price corrections. The token’s NVT (Network Value to Transactions) ratio has increased, suggesting that SHIB might be overvalued, which could trigger a price correction.
Is your portfolio green? Check out the SHIB Profit Calculator
Additionally, the MVRV (Market Value to Realized Value) ratio has declined over the past week, indicating bearish trends.
However, network growth remains robust, with more new addresses being created to transfer SHIB, indicating ongoing interest and activity within the community.
