Why Shiba Inu (SHIB) is Trending Among Memecoins
Shiba Inu (SHIB), the Ethereum-based meme coin, has been garnering attention recently due to a confluence of factors. Here’s a breakdown:
Shiba Inu Community-Driven Optimism
Key figures like Lucie (SHIB’s marketing lead) and Ragnar Shib (team member) highlighted SHIB’s developments:
- A staggering 266% growth in addresses holding SHIB in under a year.
- Strong community support and burn mechanisms.
- Integration into Shibarium, an L2 solution.
- An upcoming “easter egg” NFT event on Shibarium to boost user engagement.
These developments fueled a wave of market optimism for SHIB.
SHIB Price Rise and Community Recognition
SHIB’s price surged 3.81% in the past 24 hours, riding the wave of optimism. A WazirX poll (on platform X) concluded SHIB has the largest meme coin community, adding to the positive sentiment.
However, Caution is Advised
Despite the price increase, on-chain data suggests a different story:
- The total amount of SHIB held on exchanges has fallen to its lowest since March 2022, potentially indicating a decline in selling pressure.
- But, this could also be due to the recent market downturn, leading to increased bearish activity.
Technical Analysis of SHIB/USD
Bull Case
Rekt Capital, a crypto analyst, suggests SHIB might be mirroring its 2021 bull run pattern. SHIB is currently retesting its weekly support level of $0.0000279. In 2021, a similar retest preceded a rally to its all-time high.
Bear Case
The MACD indicator suggests a bearish trend with a downward intersection of the MACD line and signal line. Declining Open Interest in SHIB futures suggests traders exiting positions due to bearish sentiment.
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