- Social blockchain platform LunarCrush names Shiba Inu’s key bullish factors.
- Despite a 25% hike in trading volume, pending SHIB sales still outweigh bids.
- Large transactions & network growth turn red amid SHIB’s market correction.
Shiba Inu (SHIB) met the Spring rally with a tremendous run to $0.000044 on March 5, 2024, but is now facing a hefty resistance on the way up.
According to the combined liquidity book in crypto Spot markets, pending sells for SHIB still outweigh the bids by several million, as the popular canine coin has been experiencing a gradual crypto market correction since last week.
Shiba Inu: The Social Champion of Memecoins?
Amid the downward SHIB price movement, crypto traders are measuring the chances of SHIB adding another leg to the spring bull run. However, the ongoing crypto market correction has already erased $2.3 billion from its global market capitalization since last week.
Social blockchain analytics company LunarCrush is seeing the light at the end of the tunnel due to Shiba Inu’s rising social dominance, highlighting a rising market volume and the ultra bullish SHIB price action of March 2024.
Is SHIB’s New All-Time High Still on the Cards?
Indeed, social mentions have been a key factor in Shiba Inu’s 287% surge last month. This served as a major catalyst for the most successful bull cycle for memecurrencies ever, which recorded $56B at its peak. SHIB finished the inaugural week of March by surpassing Dogecoin (DOGE) in trading volume, $31 billion to $23 billion.
This has spiked Shiba Inu’s market capitalization to the yearly record level of $26 billion on March 5, 2024. This places SHIB in a very close position to Dogecoin (DOGE), throwing down the gauntlet for a sweet spot in crypto’s TOP 10 by global market cap.
While the distance between Shiba Inu’s and Dogecoin’s global market caps now is back to the large gap of $9 billion, the hopes of a new SHIB all-time high might not be over just yet. Even though SHIB is down from its all-time high by 68.8%, Shiba Inu’s Shibarium Layer-2 blockchain has recently claimed a new peak of $3.8M in total value locked (TVL). TVL allows us to understand how many digital assets are locked on-chain, giving an understanding of the chain’s demand, functionality, and interoperability.
On the Flipside
- An over 10% drop in large transactions hints at whales pausing accumulating SHIB.
- The imbalance between buy and sell orders on crypto exchanges can exert downward pressure.
Why This Matters
Technical on-chain indicators reveal a cryptocurrency’s state without prejudice or a subjective social sentiment.
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