• Shiba Inu is currently trading at $0.00000962 and has seen an increase of 14.6% over the course of the previous seven days.
• On-chain data from InTheBlock indicates that 56% of people who are holding SHIB are submerged and just 25% are above water.
• Data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model indicates a bullish outlook in Shiba Inu price.
The cryptocurrency market has seen a surge in interest in meme coins such as Dogecoin and Shiba Inu in recent weeks, with many investors turning their attention away from Bitcoin and other traditional coins. Shiba Inu, in particular, has seen a significant increase in its value, with the token currently trading at $0.00000962 at the time of writing. This represents an increase of 1.9% over the course of the previous twenty-four hours and 14.6% over the course of the previous seven days.
Despite the positive price performance, on-chain data from InTheBlock indicates that the situation is not as rosy as it might appear. According to the data, 56 percent of people who are holding SHIB are submerged, while just 25 percent are keeping their heads above water. This suggests that the market is still bearish, with the bear signals being more powerful than the bull and neutral signals.
However, data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model presents a more optimistic outlook. The data suggests that there is a strong bullish sentiment around Shiba Inu, with the big selling congestion zone around $0.000011 yet to be tested. It is worth noting that this zone could prove to be a hurdle for the token, and if it fails to breach it, the bullish trend could be reversed.
With the upcoming Shibarium release, investors are wondering whether now is the right time to buy Shiba Inu. Despite the bullish signals, investors should remain cautious and conduct their own research before investing in any digital asset. Furthermore, it is always advisable to diversify investments and never to invest more than you can afford to lose.