Bullish indications from on-chain data put Shiba Inu's price in the double digits.
September saw a 75% increase in Shiba Inu active addresses, the highest level since June.
At 1.81%, social dominance is at its highest point in six months, indicating that traders are more relevant and discuss it more often.
In 2024, the quantity of Shiba Inus on exchanges drops by approximately 12%, reaching 73.08 trillion on Friday.
On-chain metrics and technical indicators are becoming positive, which means SHIB is eyeing gains of above 12%.
One of the most important on-chain measures that Shiba Inu (SHIB), the second biggest meme currency, has seen is an increase in social dominance and active addresses.
Meme coin activity, interest, and demand may be measured by looking at its active addresses.
A positive trend emerges in Shiba Inu on-chain metrics
Data from crypto intelligence tracker Santiment indicates that SHIB is seeing an increase in active addresses. The measure reached its highest point since June, according to statistics from Santiment. From one month ago, the number of addresses that are active in a single 24-hour period increased by over 75%.
A cryptocurrency's social dominance, which measures its mentions and significance across platforms like X, has also seen a significant uptick. Santiment data shows that the measure reached its highest point in over six months, standing at 1.81%. The asset's recent surge in priceâit reported a 21% intraday rise earlier this weekâis likely to blame for the uptick in Shiba Inu references on social media.
The total quantity of meme coins on exchanges fell to 73.08 trillion on Friday, a decrease of over 12% from the beginning of the year. When the number of tokens accessible across exchange wallets decreases, the selling pressure on those tokens also decreases.
Shiba Inu anticipates a 12% increase
When Shiba Inu reached its all-time high of $0.00004567 in March of 2024, it began a multi-month decline. On Thursday of this week, SHIB surged by about 21%. The lowest point of the Fair Value Gap (FVG) between $0.00002494 and $0.00002415 is $0.00002415, therefore the meme currency is probably ready for further gains and might climb another 12.8% to reach its objective.
If the price of the meme coin were to correct, SHIB may tap into the $0.00001576 to $0.00001875 range of the FVG as potentially supportive.
A growing number of green histogram bars flashing by on the Moving Average Convergence Divergence (MACD) indicator indicates that the bullish momentum behind the SHIB price trend is becoming stronger. All of this points to the Shiba Inu being a good investment.
If the daily candlestick closes in the FVG between $0.00001576 and $0.00001875, it might lead SHIB to acquire liquidity around $0.00001388, so invalidating the bullish thesis for the meme coin.
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