Shiba Inu (SHIB), the popular meme-based cryptocurrency, experienced a lackluster performance in May 2023. However, recent on-chain data indicates a promising turn of events for SHIB, as the token attracts new demand and witnesses a surge in network growth. This development has sparked optimism among investors, who are hopeful that these trends could translate into significant price gains for SHIB in the near future.
Rejuvenated Network Growth:
Leading up to the cold wallet launch on May 29, Shiba Inu saw a notable increase in its network growth. The number of new addresses created on the SHIB network spiked to 2,538 on May 26, and since then, it has maintained an average of 1,500 new addresses per day. This represents a substantial 71% increase in the rate of new-user acquisition compared to figures recorded just a few days prior.
The rise in network growth is seen as a bullish signal for the project, indicating that Shiba Inu is gaining market share and attracting new users. As other meme coins such as PEPE and DOGELON Mars lose traction, investors are turning their attention back to SHIB and other resilient meme tokens. If this trend continues, it is anticipated that SHIB’s price may break above the $0.000009 resistance level.
Further reinforcing the positive outlook, data from exchange order books reveals that Shiba Inu has been garnering new demand in recent weeks. The aggregate exchange market depth chart shows that SHIB holders have placed orders to purchase 1.1 trillion tokens, while only 1 trillion tokens are currently available for sale. This supply shortage of 1 billion SHIB suggests that the price of Shiba Inu may rise as buyers compete for the limited supply.
Price Prediction and Potential Scenarios:
Considering the current market sentiment, industry analysts and experts predict that SHIB has the potential to reach $0.000011 in the coming weeks. However, breaking through the $0.000009 resistance level is crucial for a confident bullish reversal. This level is significant, as 42,540 investors who purchased 8.06 trillion SHIB at the maximum price of $0.000009 could potentially halt the rally.
On the other hand, there is a possibility of a bearish trend if the price drops below the $0.000008 support zone. However, a strong buy-wall mounted by 42,540 investors who bought 8.03 trillion SHIB at the minimum price of $0.000008 is expected to prevent such a decline. In the unlikely event that the support zone fails, SHIB’s price could further decline toward $0.0000075.
Shiba Inu’s recent surge in network growth and increasing demand suggest a positive trajectory for the meme-based cryptocurrency. With new users flocking to the network and a supply shortage of SHIB tokens, the stage is set for potential price gains. While challenges remain, such as overcoming resistance levels and support zones, investors and SHIB holders remain cautiously optimistic that SHIB’s price will continue its upward trend in the coming weeks, potentially reaching $0.000011 or higher.