- Prospects of a Shibarium launching this month are creating hype for the Shiba Inu community.
- SHIB’s supply at top addresses was significantly lower given its early August position.
Investor attention has recently shifted in favor of stablecoins, and Shiba Inu is one of the biggest beneficiaries. The impact of this shift was especially evident in SHIB’s price action.
Read Shiba Inus [SHIB] price forecast 2023-24
Shiba Inu has recently stolen the spotlight and it shows in his performance. Social volume has increased by a whopping 65% in recent days. This comes at a time when most of the top altcoins are struggling to secure bullish momentum.
đź“Š Prices are slightly rising #altcoins today, but most mid and small caps are still struggling to get a handle on the weekly time frame. Many traders have shifted their focus to #Shiba Inuas the #memecoin is one of the few bright spots. $SHIB is +19% with increasing social volume. pic.twitter.com/RNXashVDQo
— Santiment (@santimentfeed) August 10, 2023
The impact of this renewed attention is especially evident in the price action. We previously looked at SHIB’s extended rise since June. Even more interesting is that SHIB somehow managed to gain more than 20% in the past seven days. This is despite most of the top cryptocurrencies struggling with low momentum.
Exploring the catalyst behind Shiba Inu’s bullish strength
It’s probably no coincidence that SHIB is rallying. We found after some research that the rally could be associated with renewed excitement about Shibarium. New reports suggested that Shiba Inu lead developer Shytoshi Kusama has confirmed that they are targeting a late August launch.
Why is Shibarium’s launch attracting so much excitement? Well, it will be SHIB’s native blockchain network and the Shiba Inu community believes it can be an important catalyst for the cryptocurrency. The network is expected to unlock much more utility for SHIB, which explains the high expectations.
Whether SHIB will recover or fall under the weight of expectations largely depends on its ability to maintain bullish momentum. Here are some on-chain findings to consider. The supply of top addresses was significantly lower than at the beginning of August.
Source: Sentiment
How much are 1,10,100 SHIBs worth today
SHIB’s realized limit just registered its monthly peak at $376.56 million after the recent rally. In other words, the cost of acquiring SHIB is significantly higher now than it was about four weeks ago. The current price level may therefore not be as attractive to potential buyers and may make them anticipate a price drop.
Crypto prices tend to rise in the days leading up to a major development. In this case, the launch of Shibarium certainly qualifies as a major step forward for the Shiba Inu community.
However, such network-related developments are not necessarily bullish. As such, SHIB holders should be wary of selling pressure that could wipe out some of the recent gains.