Shiba Inu Surges 30% Since August 5 Low: Further Gains on the Horizon?

Shiba Inu (SHIB), the popular meme coin, has surged an impressive 30% since its August 5 low, reaching $0.00001415. But that’s not all: the Shibarium Layer 2 chain has just launched with a set of tools to boost the development of the SHIB ecosystem, which could well indicate further gains to come.

Recent data shows that Shiba Inu traders suffered losses of around $14 million last Thursday, which could signal a capitulation. Historically, such capitulations can indicate that the market has bottomed out, paving the way for a potential price recovery.

In parallel, the team behind SHIB unveiled tools and a developer portal for Shibarium, their Layer 2 solution. According to Lucie, SHIB’s Head of Marketing, these new tools are designed to facilitate the growth of the Shiba Inu ecosystem, and the early signs are promising.

On-chain analysis confirms this trend: since August 1, SHIB traders have accumulated losses of $54.61 million, suggesting significant selling pressure. However, such massive sell-offs are often followed by a price rebound. Indicators also show that SHIB is currently undervalued, with a 7-day MVRV of -1.782%, compared to 1.023% 30 days ago.

The momentum is there: the MACD indicator is showing positive signals, with green histogram bars, indicating bullish momentum. This could be a good time to keep an eye on SHIB.

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