Despite concerns about an overheated market, Shiba Inu’s (SHIB) price continues to climb, marking a 32.50% surge over the past week. As of Monday, September 23, SHIB traded at $0.000014**, but today, the meme coin hovers around **$0.000019. Below, we explore the drivers behind this rally and SHIB’s potential for further gains amid rising volatility.
Shiba Inu Market Sentiment Sees Broad Improvement
Rising Circulation Signals Growing Interest
Data from Santiment reveals SHIB’s one-day circulation hit a 10-week high of 5.77 trillion on September 26. Circulation metrics track unique tokens transacted daily—a spike indicates heightened market activity. This surge aligns with SHIB’s price uptick, likely fueled by FOMO (Fear of Missing Out) among traders.
👉 Why FOMO drives crypto rallies
Whale Activity Points to Bullish Momentum
- 75 transactions exceeding $100,000 were recorded recently.
- Over 10 transactions surpassed $1 million, mirroring August’s whale activity levels.
Such movements often precede bullish trends, suggesting confidence among large investors.
Social Dominance Highlights FOMO Effect
SHIB’s social dominance—a gauge of online chatter—has spiked sharply. While high dominance typically signals bullish sentiment, extreme levels may indicate FOMO-driven speculation. Historically, this can lead to corrections, but SHIB’s current technical outlook suggests otherwise.
SHIB Price Prediction: Path to New Highs?
Technical Breakout
SHIB has broken out of a descending triangle pattern dating back to May 31. This technical development often precedes upward momentum. Key observations:
- Current price: $0.000019 (similar to early March levels before a surge to $0.000035).
- Bull Bear Power (BBP): Rising, indicating buyer dominance.
👉 How to spot breakout opportunities
Key Indicators Support Upside
- Money Flow Index (MFI): Shows strong capital inflow, supporting a 90% price jump to $0.000035.
- Risks: Profit-taking or declining MFI could trigger a pullback to $0.000015.
FAQs
What’s driving SHIB’s recent price surge?
- Combined effect of whale activity, technical breakout, and FOMO.
Could SHIB hit $0.000035 soon?
- Yes, if buying pressure sustains and the MFI remains high.
What are the risks for SHIB investors?
- Volatility and potential profit-taking could lead to short-term corrections.
Conclusion
Shiba Inu’s rally is backed by strong on-chain metrics and technical signals. While FOMO plays a role, the coin’s upside potential remains significant—assuming market conditions stay favorable. Investors should monitor whale activity and MFI trends closely.
Disclaimer: This analysis is for informational purposes only. Conduct your own research before investing.
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