Shiba Inu (SHIB) price is showing strong upward momentum, with recent gains fueling optimism in the market. The popular meme cryptocurrency is seeing increased attention as it trades within a bullish trend, signaling potential for further growth.
After a recent breakout, the SHIB could see a significant surge, possibly doubling its value if current trends continue. With market conditions favoring a continued rally, The Shiba Inu Coin is positioned to capture more interest from investors looking for high-return opportunities in cryptocurrency.
The broader cryptocurrency market today has sparked mixed reactions. Bitcoin (BTC) briefly surpassed the $67,000 mark in the last 24 hours. In contrast, top altcoins showed significant volatility throughout the day. Ethereum (ETH) continues to hover above $2,600, reflecting steady movement. Meanwhile, meme coins, notably the Shiba Inu Price, experienced notable surges, drawing attention from investors.
On Chain Data Hints Shiba Inu Price Ready For Breakout
SHIB holders have experienced a mix of market movements in recent days. Santiment Data shows a noticeable increase in SHIB holdings by top non-exchange addresses, while the supply of Shiba Inu Coin on exchanges has steadily decreased.
This trend may indicate growing confidence among large holders, as SHIB is being moved off exchanges and into private wallets, reducing the available supply for trading.
At the same time, The Shiba Inu price has shown volatility, with a recent surge aligning with reduced supply on exchanges. The MVRV ratio, a key indicator of profitability for holders, has also fluctuated, suggesting that sentiment around SHIB remains uncertain, with investors watching for further price movements.
Can SHIB Price Surge to Reach $0.00003 Soon?
Over the past week, the meme-based coins has seen a notable 7% price increase. In the last month, the Shiba surged an impressive 40%, indicating a bullish trend. As of today, the latest SHIB price is $0.00001847, reflecting a 1.11% rise in the last 24 hours.
If the current bullish momentum persists, the SHIB price forecast could rally toward the $0.00002 level in the near term. The increasing buying pressure might drive the price higher, possibly reaching $0.00003 by the end of this month, surging by more than 100%.
The ongoing bullish momentum suggests a strong potential for further growth. With reduced exchange supply and increasing demand, SHIB could soon reach $0.00003 or beyond. Investors will watch closely as the coin nears its next key resistance levels.
Frequently Asked Questions (FAQs)
Reduced supply on exchanges and increased demand from large holders are driving SHIB’s bullish momentum.
A lower supply of SHIB on exchanges typically indicates reduced selling pressure, which may lead to higher prices as demand grows.
The MVRV ratio measures profitability for SHIB holders. Fluctuations in this ratio suggest that investor sentiment is uncertain, but a breakout may be coming.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/shiba-inu-price-could-go-parabolic-double-after-this-breakout/
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