Did you notice the remarkable surge in the value of Shiba Inu (SHIB) over the weekend? The cryptocurrency managed to defy the bearish market trends and maintain a bullish stance. This article aims to shed light on the factors that contributed to SHIB’s rally over the weekend.
SHIB’s Stellar Performance
SHIB’s Altrank hit the top spot, which was a clear indication of bullish sentiment. Additionally, SHIB showed a high level of whale activity and other bullish metrics. Despite the ongoing bearish market conditions, the meme cryptocurrency managed to stand out with its price remaining bullish. Over the past 24 hours, SHIB has outperformed other cryptocurrencies in multiple metrics.
The price action of SHIB is expected to continue its upward trajectory as its trading volume has witnessed a significant increase. What’s more, an upcoming event related to its much-anticipated Shibarium could be a major catalyst for this surge.
Soaring Popularity and Trading Volume
Santiment, on August 6, highlighted SHIB’s impressive performance, noting that its price had pumped by over 51% in less than a month. Not only was the price action of the meme cryptocurrency bullish, but it was also accompanied by a significant increase in trading volume. In fact, SHIB’s trading volume reached its highest level since February 6, 2023.
LunarCrush also noted a major bullish signal for SHIB. As per their tweet, SHIB hit the #1 Altrank, which increases the likelihood of a continued uptrend. CoinMarketCap reported that Shiba Inu’s price increased by over 14% and 7% in the past week and the last 24 hours, respectively.
Investor Activity and On-Chain Metrics
An analysis of the meme coin’s supply suggested that investors were actively purchasing the token. SHIB’s supply on exchanges decreased, while its supply outside of exchanges increased. Specifically, the supply of SHIB on exchanges reached its lowest level since April 2021. Additionally, whale activity around SHIB increased, as evidenced by the increase in its whale transaction count. Whalestats’ data revealed that SHIB ranked fourth on the list of cryptocurrencies held by the top 100 ETH whales in the past 24 hours.
Shiba Inu’s on-chain metrics suggest that the chances of a continued uptrend are high. SHIB’s exchange reserve has been declining, and its exchange outflow has spiked, indicating buying pressure. Furthermore, its MVRV Ratio and 1-week price volatility have also increased significantly, which is a bullish signal.
Alongside SHIB, BONE ShibaSwap (BONE), another major token for Shibarium, also saw growth. However, BONE’s daily chart was painted red as its value dropped by over 2%. It will be intriguing to see if BONE will once again mirror SHIB’s price action ahead of Shibarium’s launch.
For those interested in tracking the performance of SHIB and other cryptocurrencies, the cryptoview.io application can be a useful tool. It provides real-time tracking of cryptocurrency prices and other relevant information.
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