Shiba Inu News: SHIB's latest on-chain metrics indicate a bullish trend for the cryptocurrency's future, with recent analysis suggesting a potential rise to $0.000045.
Shiba Inu News: Recently, the meme coin sector has gained significant attention, with SHIB becoming a leader in that space. The cryptocurrency has recently attracted investors' interest, especially after the latest announcement from the U.S. Federal Open Market Committee (FOMC), which caused fluctuations in the cryptocurrency market. However, despite trading volatility, on-chain metrics for SHIB indicate that the cryptocurrency remains bullish for the future.
Shiba Inu News: SHIB's on-chain metrics suggest a breakout is coming.
Investors are closely watching Shiba Inu news, especially as the cryptocurrency has risen over 6% today. Notably, amidst a general collapse in the cryptocurrency market, leading meme coins like DOGE, SHIB, and PEPE have experienced significant volatility over the past few days. However, recent performance indicates that investors are regaining confidence in risk-on assets after a recent pause.
At the same time, SHIB's on-chain metrics also indicate that bullish momentum is lingering. According to Santiment data, Shiba Inu's exchange supply has significantly decreased, suggesting that funds are flowing out of top cryptocurrency exchanges. Notably, the decline in exchange supply indicates that investors are withdrawing funds from exchanges, which could considerably drive up asset prices.
On the other hand, whale activity has also seen a significant increase recently, indicating positive momentum for the future. Santiment data shows that after a period of low activity, whale trading has experienced a strong uptick in the past few weeks.
Considering all these aspects, the future prospects for dog-themed meme coins look bright. So, let's explore how SHIB's price performance has been and how meme coins are expected to perform in the coming days.
Is SHIB about to explode?
Positive Shiba Inu news, especially on-chain metrics, seems to boost market confidence. SHIB's price rose over 6% today, trading at $0.00002284, while its daily trading volume decreased by 9% to $610 million. Additionally, Shiba Inu futures open interest rose by nearly 10%, indicating strong market momentum.
In this context, recent technical price charts for Shiba Inu suggest a breakout is imminent. As a backdrop, the inverse head and shoulders pattern indicates that the cryptocurrency may reach $0.000035 in the short term. Once this target is achieved, the cryptocurrency could bounce back to around $0.000045.
Meanwhile, recent SHIB price analysis also suggests that this cryptocurrency could reach the $0.000035 mark in the short term. Considering all these positive trends for the token, SHIB seems poised for a breakout.