SHIB Cryptocurrency Surges 65%: Investors Urged to Watch Price Thresholds
The Bottom Line
The cryptocurrency Shiba Inu (SHIB) has gained 65% within a week. Despite this impressive performance, investors should keep an eye on certain price levels. The average unrealized gains of SHIB holders were 52% at the time of reporting. A notable increase in SHIB addresses holding between 0 and 10 coins has been observed.
SHIB’s Impressive Performance
The popular meme cryptocurrency Shiba Inu [SHIB] has moved sideways in the last 24 hours as traders took a breather after trading billions of tokens in the past week. Overall, the tenth-largest cryptocurrency increased by 65% in the past week and an incredible 270% in the last four weeks. This was driven by a bull market that sent prices of internet meme-linked assets soaring.
SHIB Investors with Big Gains
According to a study by AMBCrypto using data from Santiment, the daily volumes of SHIB have dramatically increased in the last two weeks and are now reaching levels last seen during the previous bull cycle of the market. The prospect of higher returns attracted traders in droves. At the time of reporting, SHIB holders had average unrealized gains of 52% on their investments, measured by the 30-day MVRV ratio.
Watch These Price Levels
At the time of reporting, the SHIB price was $0.000034. Technical analyst Ali Martinez highlighted a key resistance mark at $0.000038. A breakthrough of this mark could trigger a 40% increase in SHIB value to up to $0.000052. However, should SHIB fall below the crucial support at $0.000033, the aforementioned bullish scenario would be invalidated.
Retail Investors in the Spotlight
The SHIB rally was driven by retail investors, as evidenced by the sharp increase in addresses holding between 0 and 10 coins. Moreover, the rate at which new users are entering the network has significantly accelerated in recent weeks, indicating growing acceptance.
Our Assessment
SHIB’s impressive performance over the past week demonstrates the potential of meme cryptocurrencies in a bull market. However, investors should always be cautious and keep an eye on price levels to minimize potential risks. The growing acceptance and strong interest from retail investors are positive signs, but it’s also important to consider market conditions and technical indicators.
Sources: Aniket Verma, Saman Waris, Ali Martinez, Santiment, Hyblock Capital.
| Symbol | SHIB |
| Coin type | Meme Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.00 |
| 24h % | 4.10 % |
| 7d % | -19.94 % |
| 30d % | -10.13 % |
| 60d % | 21.82 % |
| 1y % | 114.91 % |
| Market Cap | $12,918,100,861.00 |
| Official Links | Website |
| Socials | Reddit | X |
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