Shiba Inu Keeps Energy Alive, Snags 26% Gain – Here’s The Inside Scoop

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Shiba Inu (SHIB) has transformed its breakout into a remarkable rally, continuing to build momentum in the ever-evolving crypto landscape.

The surge has not only captivated the attention of crypto enthusiasts but has also brought a considerable number of meme token holders out of the depths of losses, marking a significant turning point in their investment journey.

With SHIB’s current price resting at $0.00001120 per CoinGecko, the token has showcased an impressive 12.5% surge in the past 24 hours, while its seven-day journey witnessed a striking 25.8% increase.

SHIB price action today. Source: Coingecko

The breakout that commenced at $0.000094 has now solidified as a crucial support level, prompting buyers to propel the token’s value forward. The bullish sentiment has been unyielding, with sellers seemingly absent from the scene, painting a promising picture for the token’s trajectory.

SHIB Targets And Challenges Ahead

While the ongoing momentum keeps the market sentiment upbeat, experts point to the first significant resistance point at $0.0000106. This juncture will likely be closely monitored by traders, as potential sellers could make their presence felt.

#SHIB Penetration of the Shiba candle at the resistance level is a sign of the continuation of the upward trend.
#SHIBUSDT pic.twitter.com/cZ4s0BwOGC

— Andrew Griffiths (@AndrewGriUK) August 11, 2023

If the bullish momentum persists, the next target for SHIB rests at $0.000012. Observing the current price action, the likelihood of SHIB reaching these levels appears favorable, painting a bright outlook for this meme coin.

The transformation in SHIB’s fortunes extends beyond price fluctuations. Previously, a prolonged period of time saw over 80% of SHIB holders facing losses. However, recent data from Chain Afirk, an African web3 community on Twitter, indicates a significant shift.

The market capitalization of Shiba Inu is currently $6.4 billion. Chart: TradingView.com

Approximately 33.03% of SHIB holders have now transitioned into a profitable position, signaling a shift in the memecoin’s fortunes. This change not only brings relief to long-time holders but also underlines the growing resilience of the token.

Shiba Inu: The Key NVT Signal

Analyzing the Network Value to Transactions (NVT) signal provides further insights into SHIB’s current state. According to Glassnode data cited by a price analysis, the NVT metric has surged to 170.52.

This high NVT signal implies that SHIB’s market capitalization has surpassed its transaction volume, potentially pointing to an inflated state. This phenomenon could be indicative of the token reaching a market top, warranting vigilance from investors.

Shiba Inu’s breakout has evolved into a rallying force, breathing new life into the meme-inspired token and offering a glimmer of hope to holders. The journey from underwater to profitable has been a notable shift, underscoring the dynamic nature of the cryptocurrency market.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Getty Images

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.