Despite the crypto market’s recent lackluster performance, Shiba Inu (SHIB) has managed to stay in the limelight. Its impressive market activity and strong social metrics have earned it a top spot on the LunarCrush crypto ranking. However, the coin faces some challenges at a crucial short-term level, raising questions about the sustainability of its current bullish momentum.
A Look at Shiba Inu’s Market Performance
Contrary to the overall sluggishness in the crypto market, SHIB has managed to maintain a notable visibility. Its strong performance hasn’t gone unnoticed, securing it a favorable position on LunarCrush’s ranking. Out of more than 4,400 cryptocurrencies, SHIB took the lead based on its market activity and social metrics, signaling a robust Shiba Inu ecosystem.
Some of the key points to note from LunarCrush’s findings include:
- Shiba Inu has maintained a strong social dominance and has been quite active over the past month.
- Investor confidence in SHIB appears to be growing, as evidenced by the steady increase in its weighted sentiment.
Shiba Inu’s Price Action Faces Resistance
While many top cryptocurrencies have been experiencing sideways activity, SHIB’s price has maintained a bullish bias over the past month, peaking at $0.00000845 during a recent trading session. However, the coin encountered resistance at the same range in the past six weeks, indicating some outflows due to profit-taking as it approached its short-term resistance. Nevertheless, it continues to exhibit relative strength as its RSI rebounds from the 50% level.
Address Activity and Supply Distribution
Despite a slowdown in activity across the crypto market, Shiba Inu has managed to rally even as the number of active addresses dropped significantly. The past 24 hours saw a surge in daily active addresses, which could potentially indicate a rise in sell pressure due to the recent resistance retest.
An examination of Shiba Inu’s supply distribution reveals a notable increase in demand over the past month. Although the top address categories (whales) have been augmenting their balances, the pace of accumulation has slowed down in the past couple of days.
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