- Buying pressure for Shiba Inu increased last week.
- Market indicators suggested continued price increases.
Shiba Inu [SHIB] has seen explosive growth in the last week, with its value soaring by double digits. The price increase has made SHIB the 11th largest cryptocurrency by market capitalization.
If this trend continues, SHIB could reverse and re-enter the top 10 list. cardano [ADA].
Shiba Inu Cow Gathering
rear Bitcoin [BTC] After the fourth halving, altcoins gained bullish momentum and several meme coins took full advantage of the opportunity.
according to coin market capSHIB has risen over 15% in the past 7 days.
At the time of this writing, the second largest meme coin was trading at $0.00002736 and had a market capitalization of over $16.12 billion. Thanks to this, SHIB’s social volume has skyrocketed, reflecting its popularity in the cryptocurrency space.
Source: Santiment
Moreover, its weighted sentiment remained in the positive zone, which meant that bullish sentiment prevailed. The recent bull market rally has narrowed the gap in market cap between ADA and SHIB to just $2 billion.
Therefore, AMBCrypto analyzed the Shiba Inu indicator to see the potential of SHIB to overturn ADA and become the 10th largest cryptocurrency.
Analysis of Glassnode data reveals that SHIB’s network-to-value ratio spiked on April 20th before recording a decline. A decline in the indicator means that the asset is undervalued and suggests an increase in price within a few days.
Source: Glassnode
Future Shiba Inu
We see that while the price of SHIB is gaining bullish momentum, the buying pressure on it is also increasing. Last week, SHIB’s on-exchange supply decreased while off-exchange supply increased.
Whales also expressed confidence in SHIB as the supply of SHIB held by top addresses increased. This suggests that major companies expect the price of meme coins to rise further.
Source: Santiment
AMBCrypto then analyzed the daily chart of SHIB to see if the indicators signaled a resumption of the memecoin bull run. Technical indicator MACD showed a bullish crossover.
Additionally, the relative strength index (RSI) also moved northward. These indicators suggest that SHIB may record further price gains soon, which could help reverse ADA and re-enter the top 10 list.
Source: TradingView
read SHIB price prediction 2024-25
While SHIB’s future looked optimistic, the symbolism of its ecosystem Bone Siba Swap [BONE], Under the control of the bear.
According to CoinMarketCap, the meme coin price has fallen by more than 1.8% in the past 24 hours. At the time of writing, it was trading at $0.7207, with a market capitalization of over $165 million.
