Shiba Inu Surges 30% from August Low: On-Chain Data Signals More Gains Ahead

Shiba Inu increases 30% from August 5's low to $0.00001415.

Shibarium Layer 2 chain gives complete tools for ecosystem development.

Thursday losses of roughly $14 million for Shiba Inu traders suggest surrender.

Even though Shiba Inu (SHIB), the second-largest meme currency by market value, has risen 30% from the August 5 low of $0.00001078, on-chain data showed a big surge in traders realizing losses on Thursday. This surrender occurrence may indicate a local market bottom, enhancing the likelihood of a price comeback.

atop Wednesday, the meme currency team released a toolset for developers to build atop Shibarium, Shiba Inu's Layer 2 chain.

Shibarium launches toolkit and devportal for developers.
The Layer 2 chain of Shiba Inu created a developer site for ecosystem development. SHIB marketing executive Lucie launched the Shibarium developer tools and program.


Shiba Inu on-chain analytics suggest gains.
Santiment data suggests that SHIB dealers lost $13.42 million after selling their tokens on Thursday, including Shiba Inu holders. According to the figure below, SHIB traders have lost $54.61 million since August 1.

Large SHIB token sales at a loss indicate investor surrender. Such incidents usually result in asset price recovery.

Shiba Inu's MVRV statistic shows token overvaluation or undervaluation. Shiba Inu's seven-day MVRV is -1.782%, suggesting undervaluation. This is a big change from 1.023% in 30 days.

Shiba Inu (SHIB) trades at $0.00001415, up 30% its August low. SHIB has risen 30.54% from the August 5 low of $0.00001078, reversing early August crypto bloodbath losses.

The momentum indicator MACD has green histogram bars above the neutral line. This implies SHIB's price momentum is positive. Traders must still observe indicator changes for trend reversals.

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