The popular cryptocurrency SHIB has surpassed PEPE in hot search volume on LunarCrush, raising hopes for a potential rebound.
Despite SHIB's positive on-chain indicators, some market signals still point to a bearish trend. While SHIB's performance outstripped that of meme-inspired PEPE, indicating its growing popularity in the crypto community, it's still uncertain whether this is an early sign of an impending price surge.
Notably, SHIB has consistently maintained its position as the most traded token among the top 100 ETH whales, highlighting its appeal to influential investors.
However, considering that the burn rate of SHIB tokens has experienced a significant surge, growing by over 20,000% in just the past day. This token burn and other transactions resulted in the elimination of 3,034,309,519 SHIB tokens in the last 24 hours.
According to CoinMarketCap data, SHIB's price dropped slightly by 0.38% in the past week. Currently, SHIB is trading at $0.000008798 with a market capitalization of $5.1 billion.
Could SHIB witness a potential bull run?
Bullish sentiment struggles to gain traction in SHIB's price movements. The bulls are striving to establish a foothold near the $0.0000099 area, which aligns with bullish orders from March.
Some signs also suggest a possible trend reversal for SHIB. Net deposits of SHIB on exchanges have remained low compared to the previous seven days, indicating easing selling pressure. Despite this, the number of active addresses remains high, suggesting increased use of the meme coin.
Additionally, SHIB's Relative Strength Index (RSI) is currently in oversold territory, which could lead to increased buying pressure and push up its price. These factors may imply a possible trend reversal in the near future.
SHIB surpassing PEPE in trend searches is a positive development. However, investors should remain cautious and consider other market indicators before celebrating any potential rebound.
