Is SHIB Gearing up for a New Rally? The second-largest meme coin, SHIB, has performed well in the last three months, with a price increase of over 100%. It reached a local peak on December 7 but dipped substantially afterwards. In the past 24 hours, there has been a fresh resurgence, with SHIB currently trading at around $0.00002918 (per CoinGecko’s data).
One popular analyst, JAVON MARKS, believes that SHIB has confirmed a bullish pattern, which could be followed by “another major upside move.” JAVON MARKS predicts that the valuation could spike by almost 180% and reach $0.000081. Some important on-chain metrics support the bullish forecast. An example is the SHIB exchange netflow, which has been predominantly negative in the last week.
This signals a potential shift from centralized platforms toward private wallets, which in turn, reduces the immediate selling pressure. Another factor is Shibarium’s progress. The layer-2 scaling solution, whose ultimate goal is to foster the development of the Shiba Inu ecosystem, recently reached another major milestone.
As CryptoPotato reported, the total number of wallet addresses surpassed two million. Prior to that, the total transactions processed on the network crossed 600 million. Something for the Bears, too Despite the aforementioned bullish elements, there are some metrics suggesting that SHIB’s price may head south soon.
According to IntoTheBlock, Shiba Inu’s Net Network Growth (a momentum signal “that gives a pulse of the true growth of the token’s underlying network”) is down 0.76% on a daily scale, entering the bearish zone. Large Transactions (a momentum indicator showing the number of transactions greater than $100,000) have also declined in the past 24 hours.
The “InTheMoney” metric (which measures the change in the number of SHIB investors currently sitting on paper profits) has plunged, too. Currently, around 69% of those invested in the asset are in the green, while 24% remain underwater.
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