On-Chain Data Shows SHIB Price Is On A Recovery Path
Amid the crypto market turbulence, Shiba Inu (SHIB) is struggling to remain bullish as the price of the meme digital asset dropped below four support levels in just under two months. However, recent on-chain data suggests that SHIB is on recovery as the bottom is likely to be priced in.
How It Started
Shiba Inu’s fortunes steeply declined in March 2023 despite recording a remarkable surge witnessed in February. Even though it ended March with a 9.90% downturn, SHIB managed to maintain its position above the significant psychological support price level of $0.000010.
The subsequent two months proved even more tumultuous, with Shiba Inu experiencing a solid drop of 21.72%, eventually trading below the $0.000010 mark. So far in June, SHIB has recorded a substantial decline of 19.44%, forcing it to drop below the crucial psychological support thresholds of $0.000009, $0.000008, and $0.000007, respectively.
However, emerging data suggest that Shiba Inu could prepare itself for a remarkable resurgence even though it remains bearish at the time of writing. Insights obtained from the crypto analytical platform, Santiment, reveal a notable upturn in the prevailing bias surrounding the memecoin.
According to the Weighted Santiment metric, which calculates the overall investor sentiment toward an asset, a consistent rise has been observed over the past week regarding SHIB. Nevertheless, Shiba Inu’s metric stands at -1.395, indicating a prevailing negative sentiment.
Still, a closer examination of its performance reveals an upward trend since June 9, when it reached its lowest point at -1.543. If this gradual improvement continues, the metric could transition into positive territory for SHIB.
Despite the turmoil caused by the market collapse triggered by the SEC’s actions against Binance and Coinbase, the positive momentum in investor sentiment persists. The charges against these prominent platforms profoundly impacted Shiba Inu’s market sentiment, plunging it to alarming depths.
However, there is a noticeable resurgence in investors’ confidence in the meme token amidst these challenging circumstances.
Shiba Inu Reclaims $4 Billion Market Cap
Despite the prevailing bearish conditions, Shiba Inu has climbed atop the high-performing assets in the global performance charts. The canine-themed coin demonstrates remarkable resilience amidst the broader crypto market challenges, surging to over 10% in its recent rebound.
This impressive spike is a testament to SHIB’s ability to weather setbacks and stand firm in the face of challenges in the crypto space. Furthermore, Shiba Inu defied the odds by surging beyond its weekly low of $0.00000591.
This impressive recovery saw SHIB surpass Avalanche (AVAX) and reclaim the 18th spot regarding global market capitalization. According to data from CoinMarketCap, Shiba Inu’s current market cap has now exceeded $4 billion.
The latest milestone comes on the heels of a cumulative seven-day growth of 10.5%, further solidifying SHIB’s upward trajectory. Burn Shib, the Shiba Inu burn update platform on Twitter shared the latest achievement with the memecoin community.
Industry observers attribute the recent upswing in Shiba Inu’s performance to the noteworthy developments within its vibrant community. About 24 hours ago, the Shiba Inu development team announced the introduction of an innovative product called Shibacals.
Accompanied by an alluring tagline, “Print Anything You Can Mint,” the product’s unveiling created curiosity and heightened the community’s excitement. The launch of Shibacals follows a series of exciting teasers that have further intensified the anticipation and enthusiasm within the SHIB community.
An analysis of Shiba Inu holders shows a notable bearish to a bullish ratio of 4:0. According to IntoTheBlock on-chain data, only 8% of SHIB holders are in profitable positions.
Despite these challenges, the community of Shiba Inu holders has continued to grow. Eighty-two new holders joined the ecosystem a few hours ago, pushing the total number of SHIB holders to an astonishing 2,346,688.
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