{"id":373562,"date":"2024-03-03T00:00:31","date_gmt":"2024-03-02T18:30:31","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=373562"},"modified":"2024-03-02T14:33:46","modified_gmt":"2024-03-02T09:03:46","slug":"why-shibs-70-price-surge-could-just-be-the-beginning","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-shibs-70-price-surge-could-just-be-the-beginning\/","title":{"rendered":"Why SHIB&#8217;s 70% price surge could just be the beginning"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bullish sentiment around SHIB spiked in the last few days.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Most market indicators and metrics looked bullish on the token.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The crypto market recently turned bullish, allowing several meme coins to register gains, but <a href=\"http:\/\/ambcrypto.com\/category\/shiba-inu-news\/\" target=\"_blank\" rel=\"noopener\">Shiba Inu [SHIB]<\/a> was left behind. However, better late than never, SHIB\u2019s price action picked up pace as its value surged substantially in the last 24 hours.\u00a0<\/span><\/p>\n<h4><b>A look at Shiba Inu\u2019s bull rally<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Several meme coins, especially the trending <a href=\"http:\/\/ambcrypto.com\/category\/pepe-coin-news\/\" target=\"_blank\" rel=\"noopener\">PEPE<\/a>, displayed commendable performance in the past when the market turned bullish. But SHIB was late to join the race, but since it started its rally, it did not fail to surprise investors. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/shiba-inu\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, SHIB was up by over 100% in the last seven days. In fact, in the last 24 hours alone, its value surged by more than 70%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, SHIB was trading at $0.00002182 with a market capitalization of over $12.8 billion, making it the 13th largest crypto. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks to the price uptick, SHIB\u2019s social volume skyrocketed. Bullish sentiment around the meme coin also went up, as evident from the rise in its weighted sentiment.\u00a0<\/span><\/p>\n<figure id=\"attachment_373563\" aria-describedby=\"caption-attachment-373563\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024.png\"><img decoding=\"async\" class=\"wp-image-373563 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.41.32-02-Mar-2024-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-373563\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><b>Will the uptrend last?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Since the last 24 hours looked bullish for SHIB, AMBCrypto planned to take a closer look at the meme coin\u2019s state to better understand whether the uptrend would last. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our analysis of Glassnode\u2019s data revealed that Shiba Inu\u2019s Network Value to Transactions (NVT) ratio dropped while its price surged. A drop in the metric means that an asset is undervalued, hinting at a further price uptrend.<\/span><\/p>\n<figure id=\"attachment_373564\" aria-describedby=\"caption-attachment-373564\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/glassnode-studio_shiba-inu-network-value-to-transactions-ratio-nvt.png\"><img decoding=\"async\" class=\"wp-image-373564 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/glassnode-studio_shiba-inu-network-value-to-transactions-ratio-nvt.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/glassnode-studio_shiba-inu-network-value-to-transactions-ratio-nvt.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/glassnode-studio_shiba-inu-network-value-to-transactions-ratio-nvt-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/glassnode-studio_shiba-inu-network-value-to-transactions-ratio-nvt-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/glassnode-studio_shiba-inu-network-value-to-transactions-ratio-nvt-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/glassnode-studio_shiba-inu-network-value-to-transactions-ratio-nvt-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-373564\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Upon checking further, we found that SHIB\u2019s MVRV ratio was up. Another bullish metric was its network growth, which too went upside, meaning that more new addresses were created to transfer the token. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buying pressure on the meme coin surged during its price uptick. This seems to be the case, as its exchange outflow spiked. Additionally, the supply held by top addresses climbed, suggesting that whales were accumulating SHIB at its higher price.\u00a0<\/span><\/p>\n<figure id=\"attachment_373565\" aria-describedby=\"caption-attachment-373565\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024.png\"><img decoding=\"async\" class=\"wp-image-373565 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBA-INU-SHIB-11.45.22-02-Mar-2024-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-373565\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Our look at Shiba Inu\u2019s daily chart revealed that the token successfully broke past the $0.0000106 resistance level, allowing it to register massive gains.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Its MACD revealed that the buyers were leading the market. SHIB\u2019s Chaikin Money Flow (CMF) also registered an uptick, indicating that the chances of a continued northward price movement were high.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/shiba-inu-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Shiba Inu\u2019s [SHIB] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Nonetheless, nothing can be said with utmost certainty as the Relative Strength Index (RSIO) was in the overbought zone. This might exert selling pressure, in turn, affecting the meme coin\u2019s bull rally.\u00a0<\/span><\/p>\n<figure id=\"attachment_373566\" aria-describedby=\"caption-attachment-373566\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18.png\"><img decoding=\"async\" class=\"wp-image-373566 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18.png\" alt=\"\" width=\"2560\" height=\"1432\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18-1024x573.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18-768x430.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18-1536x859.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/03\/SHIBUSDT_2024-03-02_11-48-18-2048x1146.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-373566\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu crossed a key resistance level, hinting that it might reenter the top 10 list.<\/p>\n","protected":false},"author":75,"featured_media":373569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,5824,66,3,6388,4,20],"tags":[],"class_list":["post-373562","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-memecoins","category-new-news","category-news","category-shiba-inu-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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