Shiba Inu Coin Turns Around! SHIB surges 37% to lead memecoin recovery, can it break new highs?
Since hitting a high of $0.00002170, Shiba Inu ($SHIB ) has been struggling to recover higher levels. Nonetheless, SHIB’s recent price action has restored traders’ optimism.
As of the time of writing, SHIB is trading at $0.00001714. This implies a gain of about 4% on the weekly chart. The price has remained unchanged over the past 24 hours. However, SHIB is up 37% month-on-month.
In the past 24 hours, SHIB has led the memecoin recovery with the biggest gains while benefiting from favorable market sentiment.
Our analysis via Market Prophit shows that at the time of writing, public sentiment is 0.152, while the buzz score is 0.903. Although Shiba Inu has lost some value recently, the past 24 hours have seen a change in market direction.
For example, the DAA divergence of Shiba Inu price has remained positive over the past seven days, indicating that price gains are supported by actual user activity, not just speculation. This shows that the market has confidence in the value of memecoin.
Additionally, Shiba Inu’s stock market reserves have steadily declined over the past month, from $141 trillion to $139 trillion at the time of writing. This market dynamic has created supply pressure, causing prices to rise as buyers compete for a smaller supply of available tokens.
Despite Shiba Inu’s price falling from $0.00001885 to $0.00001723 in recent days, demand for long positions has remained constant.
Our analysis of Coinglass data shows that memecoin has benefited from a positive OI-weighted funding rate over the past week.
