- Shiba Inu reclaimed one support line but faced resistance at $0.000007.
- Last week, SHIB Token opened the Shibacals studio for physical goods.
- Key on-chain signals reveal if $SHIB is ready for bullish divergence.
The popular memecoin Shiba Inu (SHIB) restored its usual market capitalization to $4,225,133,880 and gained 9% in the last seven days. Withstanding the violent aftershocks of the crypto earthquake incited by the U.S. Securities and Exchange Commission (SEC), Shiba Inu also defied key metrics – three strongly bearish on-chain signals.
At press time, #17 ranked canine coin trades at $0.00000717 with a 0.7% daily decline, according to CoinGecko. However, SHIB fetched 9% since last week, while other large market cap altcoins plunged. SHIB’s main rival, Dogecoin (DOGE), traded in a consolidation phase, comfortably holding above the $8 billion market cap.
Can SHIB Eat a Zero?
The added zero onto Shiba Inu’s market price since May 6th, 2023, can be seen as a high volatility sign or a buying opportunity. While this can be determined by whale sentiment, Shiba Inu’s on-chain metrics show neutral digits on the concentration mark.
Large transactions and net network growth are slightly bearish, with the only bullish signal for Shiba Inu today being ‘In The Money.’ Gearing up to a 5.25% increase after the 9% run last weekend, overall sentiment shows that 10% of current $SHIB holders profit from this price.
However, these aforementioned neutral on-chain metrics don’t unravel the full story. The vast community of dog and crypto enthusiasts is sharing memes and their Shibacals NFT costumes.
On the same note, #ShibaInu is trending on Twitter this Monday afternoon, while members of the SHIB Army are setting Shiba Inu ablaze with 10,894,472 of $SHIB tokens burned in seven transactions in the last 24 hours, accelerating the SHIB Daily Burn rate by 82%.
On the Flipside
- Despite the neutral concentration of on-chain signals, Shiba Inu (SHIB) is still the most traded and top-held asset by dollar value among Ethereum’s 100 largest whales, according to WhaleTracker.
Why This Matters
Shiba Inu is an ERC-20 token on Ethereum evolving into a self-sufficient ecosystem.
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