- 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.
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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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