- Shiba Inu witnesses a significant increase in new addresses, suggesting renewed interest in the meme coin.
- Despite a recent price decline, traders remain optimistic about Shiba Inu’s future recovery.
- Technical indicators hint at potential overbought conditions and a possible shift in momentum for Shiba Inu.
IntoTheBlock, a market intelligence platform, reports a surge in activity for Shiba Inu at the start of March, with over 8.4k new addresses joining daily, marking a significant uptick compared to February. The cryptocurrency’s daily new addresses peaked at 21k, nearly 20 times February’s average, indicating a renewed interest in the meme coin.
Shiba Inu’s current price sits at $0.000031, experiencing a 13.82% decline over the past 24 hours. The cryptocurrency boasts a trading volume of $4,740,062,270 and a market cap of $18,537,564,874. With a circulating supply of 589,289,410,812,691 SHIB coins, its maximum supply remains undisclosed.
Despite the recent downtrend in Shiba Inu’s price, sentiment analysis by Santiment revealed that traders remain optimistic about its future. Social data suggests a growing confidence among market participants in a potential recovery for Shiba Inu, as well as for dogwifhat (WIF), another meme coin.
Analyzing the technical indicators, Shiba Inu’s Relative Strength Index (RSI) stands at 80.53 on the daily price chart, signaling potential overbought conditions in the short term. Consequently, traders are advised to remain vigilant for signs of a price correction or reversal in the near future.
Moreover, the Moving Average Convergence Divergence (MACD) indicator reveals a value of 0.00000594, indicating a possible shift in momentum. Hence, it becomes crucial for traders to monitor the interaction between the MACD line and the signal line in the coming days to confirm any directional changes accurately.
In light of these developments, investors should exercise caution and closely follow the market trends to make informed decisions. While the surge in new addresses reflects growing interest in Shiba Inu, the technical indicators suggest a potential correction in its price trajectory.
Despite the bullish sentiment among traders, Shiba Inu’s price faces short-term challenges as indicated by technical analysis. Consequently, investors are advised to stay vigilant and adapt their strategies accordingly to navigate the volatile cryptocurrency market.
