Shiba Inu Price Eyes 17% Spike Amid Rising Network Activity

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As a seasoned analyst with over two decades of experience in the financial markets, I must say that the current Shiba Inu (SHIB) situation is reminiscent of a rollercoaster ride, albeit one with a unique twist. The surge in SHIB’s price and network growth is undeniably impressive, but the crypto market’s inherent volatility adds an element of unpredictability that even the most seasoned investors can find challenging.

On August 23, the price of Shiba Inu skyrocketed by 13%, reaching $0.00001614, after it broke free from a period of consolidation. However, since then, there’s been a pullback. The growing enthusiasm among investors is fueled by rising network usage and volume, as well as fresh developments such as the Shiba Inu DAO. Currently, SHIB is merely 17% short of a significant resistance level. If this level is surpassed, it could trigger a massive bull run for the meme coin.

Network Growth Hints Shiba Inu Price Increase

1. It’s worth noting that the Shiba Inu network, named Shibarium, plays a pivotal role in shaping SHIB‘s price movements at present. The developers have been tirelessly innovating to create new offerings designed to attract investors, with the aim of expanding their reach even further. One of the latest developments in the Shibarium project involves the proposed launch of a Decentralized Autonomous Organization (DAO) associated with the Shiba Inu community.

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 24, 2024

According to the Shiba Inu marketing leader, Lucie, who made the announcement on August 24th, the SHIB DAO (Decentralized Autonomous Organization) intends to enhance the power of its community by making decision-making processes more democratic.

On August 25th, the number of accounts on the Shibarium network reached an unprecedented peak of 118,470, indicating a surge in new users joining the platform.

Shiba Inu Price Eyes 17% Spike Amid Rising Network Activity

Additionally, Santiment’s data indicates a steady rise in Shiba Inu’s daily active addresses and trading volume since August 14. This trend points to more activity on the network, coinciding with a 8% surge in the Shiba Inu price during the same period.

Shiba Inu Price Eyes 17% Spike Amid Rising Network Activity

As an analyst, I’ve noticed an interesting trend in the futures market for Shiba Inu (SHIB). According to Coinglass data, there have been more cumulative Long Liquidation Leverages compared to Shorts over the last 24 hours. This imbalance indicates that traders are optimistic about the price of SHIB increasing.

Shiba Inu Price Eyes 17% Spike Amid Rising Network Activity

A deeper analysis of the SHIB open interest (OI) and price changes over the last 24 hours shows that traders are closing their long positions, possibly because they anticipate further retrace in the short term. 

What is Happening on the SHIB Front?

The disparity between expansion in the network and the outlook among futures traders for Shiba Inu has put it in a tricky predicament. Despite a generally optimistic viewpoint, the unpredictable characteristics of the cryptocurrency market suggest that circumstances could shift suddenly.

The Shiba Inu coin’s value dropped approximately 8% from Saturday, however, it’s approaching a robust support level. Given the ongoing expansion of the network, there’s a good chance it may rebound at this point and potentially increase further.

At the $0.00001451 level, there’s strong resistance as this price point has successfully kept prices low for more than twenty days in the past.

Can Shiba Inu Price Reach $0.00001750?

Essentially, the current trend for Shiba Inu prices is leaning bullish in the short term, but within a larger context of a bearish market. If the bulls manage to hold their ground, this temporary upward swing could potentially transform into a full-blown reversal. Conversely, if bears dominate, Shiba Inu might fall back towards the prices seen on August 5.

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2024-08-26 12:50