Shiba Inu (SHIB) Bulls Surge
If you’ve been following the memecoin market, you know that Shiba Inu (SHIB) has delivered an 18% gain this week. The memecoin market has seen a surge, with Shiba Inu, Dogecoin (DOGE), and PEPE all experiencing double-digit gains. But can SHIB flip DOGE as the top-performing large-cap memecoin with the bulls firmly in control?
Bulls Have Seized Control of the Market
The recent performance of Shiba Inu price has been attributed to the spreading crypto market rally. But what’s interesting is how on-chain data reveals that buyers have gradually taken control of the SHIB market over the past month.
According to Glassnode, Shiba Inu recorded 2,732 Receiving Addresses on Friday, November 10, which significantly exceeded the corresponding 1,945 Sending Addresses. A closer look shows that addresses buying SHIB have consistently surpassed the number of selling addresses in the last 35 days.
SHIB Price Prediction: Can the Rally Reach $0.00002?
Based on the on-chain data points analyzed above, buyers appear firmly in control of the Shiba Inu market. The SHIB price rally could accelerate toward the $0.00002 area if this trend persists.
The Global In/Out of the Money (GIOM) also validates this prediction by illustrating that 60% of current SHIB holders are in profitable positions due to the latest SHIB price upswing.
Hot Take
In conclusion, as a crypto reader interested in memecoins like Shiba Inu (SHIB), it’s important to keep an eye on how buyers have taken control of the market and how this could impact future price movements. With potential resistance and support levels identified through on-chain data, it remains to be seen whether SHIB will continue its rally or face a reversal if bears take control.
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