Shiba Inu Keeps Energy Alive, Snags 26% Gain – Here’s The Inside Scoop
August 12 2023 - 2:48AM
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Shiba Inu (SHIB) has transformed its breakout into a remarkable
rally, continuing to build momentum in the ever-evolving crypto
landscape. The surge has not only captivated the attention of
crypto enthusiasts but has also brought a considerable number of
meme token holders out of the depths of losses, marking a
significant turning point in their investment journey. With SHIB’s
current price resting at $0.00001120 per CoinGecko, the token has
showcased an impressive 12.5% surge in the past 24 hours, while its
seven-day journey witnessed a striking 25.8% increase. SHIB price
action today. Source: Coingecko Related Reading: Rising Star Hedera
(HBAR) And Its 11% Climb – A Closer Look The breakout that
commenced at $0.000094 has now solidified as a crucial support
level, prompting buyers to propel the token’s value forward. The
bullish sentiment has been unyielding, with sellers seemingly
absent from the scene, painting a promising picture for the token’s
trajectory. SHIB Targets And Challenges Ahead While the ongoing
momentum keeps the market sentiment upbeat, experts point to the
first significant resistance point at $0.0000106. This juncture
will likely be closely monitored by traders, as potential sellers
could make their presence felt. #SHIB Penetration of the Shiba
candle at the resistance level is a sign of the continuation of the
upward trend. #SHIBUSDT pic.twitter.com/cZ4s0BwOGC — Andrew
Griffiths (@AndrewGriUK) August 11, 2023 If the bullish momentum
persists, the next target for SHIB rests at $0.000012. Observing
the current price action, the likelihood of SHIB reaching these
levels appears favorable, painting a bright outlook for this meme
coin. The transformation in SHIB’s fortunes extends beyond price
fluctuations. Previously, a prolonged period of time saw over 80%
of SHIB holders facing losses. However, recent data from Chain
Afirk, an African web3 community on Twitter, indicates a
significant shift. The market capitalization of Shiba Inu is
currently $6.4 billion. Chart: TradingView.com Approximately 33.03%
of SHIB holders have now transitioned into a profitable position,
signaling a shift in the memecoin’s fortunes. This change not only
brings relief to long-time holders but also underlines the growing
resilience of the token. Shiba Inu: The Key NVT Signal Analyzing
the Network Value to Transactions (NVT) signal provides further
insights into SHIB’s current state. According to Glassnode data
cited by a price analysis, the NVT metric has surged to 170.52.
This high NVT signal implies that SHIB’s market capitalization has
surpassed its transaction volume, potentially pointing to an
inflated state. This phenomenon could be indicative of the token
reaching a market top, warranting vigilance from investors. Related
Reading: Rollbit Coin Continues Supremacy Over Top 100 Cryptos In
The Last Week Shiba Inu’s breakout has evolved into a rallying
force, breathing new life into the meme-inspired token and offering
a glimmer of hope to holders. The journey from underwater to
profitable has been a notable shift, underscoring the dynamic
nature of the cryptocurrency market. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Getty Images
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