Recently, Shiba Inu, often referred to as the “Dogecoin Killer”, has become the center of the meme coin market due to its unstoppable bullish rally. As the launch of the Shibarium is only a few days away, the SHIB price is preparing for a remarkable increase. However, in recent days, analysts and investors have observed increasing bearish pressure around Shiba Inu, especially near the breakout levels, indicating a fresh uptick.
Whales join SHIB’s Bullish Wave
Shiba Inu has reached an important milestone, bringing the ‘summer of Shibarium’. The Shiba Inu team anticipates the rollout of the Shibarium mainnet, the introduction of the TREAT reward token, and the release of the World Paper, which outlines the basics of the ecosystem and the commitment to full decentralization.
According to data from Into The Block, the Network Value to Transaction (NVT) ratio has fallen sharply over the past seven days. The stat has fallen from 248.76 to a low of 29.78 despite SHIB’s skyrocketing rally.
The decline is attributed to the fact that Shiba Inu’s transaction volume is growing faster than the actual price increase. Increased network activity usually suggests a bullish trend. As this activity outpaces Shiba Inu price growth, it suggests that Shiba Inu may be undervalued. The NVT ratio provides insight into the correlation between an asset’s market capitalization and the transaction volume on the network.
From on-chain data, a majority of the wealthiest Shiba Inu addresses have accumulated more SHIB tokens during the recent price surge over the past two days.
Interestingly, the addresses with between 100 million and 1 billion SHIB (shown in green) have seen a slight increase since August 7. Meanwhile, addresses with 1 billion SHIB and above (shown in royal blue) — accounting for 96.5% of the total circulating SHIB supply — have held steady.
What’s next for the SHIB price?
Shiba Inu recently surpassed $0.00001 but failed to break above the critical resistance level, signaling the bulls’ ambition to start a new uptrend amid the bears’ strong defenses.
However, this rapid rise pushed the RSI into overbought zones for once, suggesting a possible short-term correction or stabilization could be on the horizon.
If the bullish momentum continues around the resistance levels, this could indicate that investors are holding their positions in anticipation of another rise. If the price stays above $0.00001, we can see an acceleration to $0.000012, possibly after that to $0.0000138.