Recently, Shiba Inu, often referred to as the “Dogecoin killer,” has become the center of the meme coin market due to its unstoppable bullish rally. As the Shibarium’s launch is just a few days away, the SHIB price is preparing for a notable surge. However, over the past few days, analysts and investors have observed increased bearish pressure around Shiba Inu, especially close to its breakout levels, giving signs of another upswing.
Whales Are Joining SHIB’s Bullish Wave
Shiba Inu has achieved a significant milestone, bringing the “summer of Shibarium.” The Shiba Inu team anticipates the rollout of the Shibarium mainnet, the introduction of the TREAT reward token, and the release of the World Paper, outlining the ecosystem’s foundation and commitment to full decentralization.
According to Into The Block data, the Network Value to Transaction (NVT) ratio has declined heavily over the last seven days. The metric has dropped from 248.76 to a low of 29.78 despite SHIB’s skyrocketing rally.
The decline is attributed to Shiba Inu’s transaction volume growing faster than its actual price increase. Increased network activity usually suggests a bullish trend. Given that this activity surpasses Shiba Inu’s price growth, it suggests Shiba Inu might be undervalued. The NVT ratio provides insight into the correlation between an asset’s market cap and its transaction volume on the network.
From on-chain data, a majority of Shiba Inu’s wealthiest addresses have gathered more SHIB tokens during its recent price resurgence over the last two days.
Interestingly, the addresses holding between 100 million to 1 billion SHIB (represented in green) have seen a slight increase since Aug. 7. Meanwhile, the addresses with 1 billion SHIB and above (depicted in royal blue) — accounting for 96.5% of the total circulating SHIB supply — have remained stable.
What’s Next For SHIB Price?
Shiba Inu recently surpassed $0.00001 but failed to settle above the critical resistance level, hinting at the bulls’ ambition to initiate a fresh uptrend amid bears’ strong defense.
However, this rapid ascent pushed the RSI into overbought zones once, suggesting a potential brief correction or stabilization might be on the horizon.
If the bullish momentum maintains its stand around the resistance levels, it could indicate that investors are retaining their holdings, awaiting a subsequent surge. If the price holds above the $0.00001 mark, we could foresee an acceleration to $0.000012, possibly reaching up to $0.0000138 thereafter.
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