Shiba Inu’s New User Traction Signals Bullish Trend
Shiba Inu, the leading memecoin, has seen a surge in new user transactions, indicating a growing demand for the token. This rise in new user adoption is a positive sign for SHIB’s price trajectory. On January 10, Shiba Inu recorded a new adoption rate of 42.75%, surpassing the 30-day average of 39.1%. The increase in new users participating in economic transactions suggests that SHIB is attracting high demand.
SHIB Price Prediction: Targeting $0.000013
Based on the recent on-chain data and the influx of new users, Shiba Inu’s price could potentially reach $0.000013 in the near future. However, there may be resistance around the $0.000012 area, where a significant number of SHIB holders had acquired their tokens. If these investors decide to book profits, it could cause a retracement in SHIB’s price. Conversely, if new users continue to bring in fresh capital, it could lead to a breakout above $0.000013.
Volatility Warning: Unexpected Reversal
While SHIB’s bullish trend seems promising, there is also a possibility of a major downswing if bears force a reversal below $0.00008. In this scenario, a cluster of investors who acquired SHIB at an average price of $0.000009 might engage in short-covering purchases to avoid losses, potentially triggering an early rebound.
Hot Take: Shiba Inu Gains Momentum with Rising New User Adoption
Shiba Inu’s dominance in the memecoin sector continues to grow as its price outperforms competitors like Dogecoin and PEPE. The surge in new user transactions indicates a strong demand for SHIB, which could propel its price to new heights. However, resistance levels and potential market volatility should be taken into account when considering the future of Shiba Inu.
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