As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the current state of SHIB. The bullish predictions based on strong on-chain metrics and Shibarium’s growing adoption are undeniably alluring, particularly given its impressive performance over the past three months. However, as a pragmatist who has weathered many market corrections, I can’t help but notice the declining network growth and fewer large transactions that seem to suggest potential downward pressure.
TL;DR
- SHIB was predicted to witness a 180% rally supported by strong on-chain metrics and Shibarium’s growing adoption.
- On the other hand, declining network growth and fewer large transactions suggest possible downward pressure.
Is SHIB Gearing up for a New Rally?
Over the past three months, the second-largest meme coin has shown impressive growth, surging more than 100% in value. It attained a local high on December 7, but following a significant drop due to the recent market adjustment, it tumbled. However, within the last day, there’s been a renewed surge, placing SHIB at approximately $0.00002918 as per CoinGecko’s data.
One popular analyst touching upon the asset’s recent price fluctuations is the X user JAVON MARKS. The market observer claimed that SHIB has confirmed a bullish pattern, which could be followed by “another major upside move.” JAVON MARKS reiterated their prognosis that the valuation could spike by almost 180% and reach $0.000081:
Given the current price target at $0.000081 remains relevant, there’s a strong possibility we might soon observe an impressive surge of over 180%, potentially unfolding right before our eyes. It seems this upward trend may have already started taking shape, perhaps even as we converse.
Some key on-chain indicators point towards a bullish outlook. For instance, the Shiba Inu (SHIB) exchange netflow has mainly been negative over the past week. This trend suggests a growing movement from centralized exchanges to private wallets, which could potentially decrease immediate selling pressure since fewer coins are readily available for quick sales.
“Another crucial aspect is the advancement of Shibarium. This layer-2 scaling solution, designed to nurture the Shiba Inu ecosystem, has just achieved another significant milestone. According to CryptoPotato’s report, the number of wallet addresses now exceeds two million. Previously, the network had processed over 600 million transactions.
Something for the Bears, too
Although there are positive indicators for SHIB, some measurements hint that its price could decline in the near future. According to IntoTheBlock, Shiba Inu’s Net Network Growth (a momentum signal indicating the true growth of the token’s underlying network) has decreased by 0.76% on a daily basis, moving into the bearish zone.
Over the last 24 hours, there has been a decrease in the number of significant trades, as indicated by the Large Transactions indicator, which tracks deals exceeding $100,000.
As an analyst, I’ve been observing the “InTheMoney” metric, which reflects the proportion of SHIB investors currently enjoying paper profits. Notably, this percentage has taken a steep dip. To put it into perspective, about 69% of these investors are currently in the green, while approximately 24% are yet to see their investments yield profits.
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2024-12-12 12:38