Peter Smith
The meme-based cryptocurrency Shiba Inu (SHIB) is experiencing a remarkable price surge, with significant gains and promising market indicators attracting investor attention.
SHIB's Impressive Price Rally
Shiba Inu has demonstrated extraordinary performance in recent days, with the cryptocurrency experiencing a substantial 15% price increase in the last 24 hours. This surge has resulted in a massive $2.57 billion in profits, marking a significant milestone for the dog-themed digital asset.
The token's impressive rally has been consistent, with SHIB rising for four consecutive days and now on track for a fifth. At the time of writing, SHIB was trading at $0.00001532, reaching intraday highs of $0.00001567. The cryptocurrency has accumulated a remarkable 20% gain over the weekly timeframe.
On-Chain Analytics Reveal Promising Profit Potential
According to on-chain analytics platform IntoTheBlock, an astounding 166.47 trillion SHIB is currently "in the money" at the current price point. This metric suggests that tokens purchased at lower prices would now realize a profit if sold, which is a positive indicator for the cryptocurrency's market health.
The significance of this analysis lies in its potential to reduce selling pressure. When more addresses are "in the money," holders are less likely to sell their tokens to break even, which can contribute to price stability and potentially further growth.
Market Performance and Technical Indicators
Shiba Inu has been outperforming even established cryptocurrencies like Bitcoin, with SHIB surging 15% compared to Bitcoin's modest 1% rise in the same 24-hour period. This performance highlights the growing popularity and positive sentiment surrounding meme coins in the current market.
The cryptocurrency has successfully surpassed the daily Simple Moving Average (SMA) 50 at $0.00001416, a price level that had previously capped its growth since December 2024. Traders and investors are now closely watching the next potential resistance level at the daily SMA 200, situated at $0.00001916.
Future Outlook and Market Sentiment
The current bullish momentum suggests that SHIB might continue its upward trajectory. Investors and market analysts are keenly observing whether the token can sustain its position above the daily SMA 50 and potentially flip it into a support level.
The coming days will be crucial in determining the sustainability of this rally. If the positive sentiment persists, SHIB could see further gains and potentially break through additional resistance levels.
Peter Smith
