{"id":404860,"date":"2024-07-07T07:30:40","date_gmt":"2024-07-07T02:00:40","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=404860"},"modified":"2024-07-06T15:34:28","modified_gmt":"2024-07-06T10:04:28","slug":"shiba-inus-17-uptick-means-this-for-memecoins-long-term-odds","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/shiba-inus-17-uptick-means-this-for-memecoins-long-term-odds\/","title":{"rendered":"Shiba Inu&#8217;s 17% uptick means THIS for memecoin&#8217;s long-term odds"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Buying pressure on Shiba Inu has risen over the last few days<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Derivatives metrics also flashed bullish signs for the memecoin\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/shiba-inu-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Shiba Inu [SHIB]<\/span><\/a><span style=\"font-weight: 400;\">, the world\u2019s second-largest memecoin, registered a promising comeback after a sharp fall over the past week. This massive price uptick over the last 24 hours gave investors hope for a longer bull rally. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hence, it&#8217;s worth looking at what&#8217;s going on with SHIB lately.\u00a0<\/span><\/p>\n<h2>Shiba Inu\u2019s bulls buckle up<\/h2>\n<p><span style=\"font-weight: 400;\">The bears dominated the market last week as they pushed SHIB\u2019s price down to as low as $0.000013. However, the bulls have now marked their entry with a double-digit price hike. In fact, 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;\">, the altcoin&#8217;s price rose by a whopping 17% in the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, SHIB was trading at $0.00001543 with a market capitalization of over $9 billion, making it the 13th largest crypto. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The hike in price also had a positive impact on the memecoin\u2019s buy\/sell sentiment. AMBCrypto\u2019s analysis of Santiment\u2019s data revealed that SHIB\u2019s supply outside of exchanges increased while its supply outside of exchanges dropped, meaning that investors have been buying Shiba Inu. The fact that buying pressure on the coin was high was further proven by the spike in its exchange outflows. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the whales didn\u2019t make significant moves last week, with the same evidenced by the flat supply held by top addresses.<\/span><\/p>\n<figure id=\"attachment_404861\" aria-describedby=\"caption-attachment-404861\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024.png\"><img decoding=\"async\" class=\"wp-image-404861 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024.png\" alt=\"Buying pressure n SHIB increased \" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.19.18-06-Jul-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-404861\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Additionally, Shiba Inu\u2019s MVRV ratio also improved sharply on 8 July. This can be attributed to its latest price hike. However, not everything seemed to be in the memecoin\u2019s favor. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, its network growth dropped, meaning that fewer new addresses were used to transfer the token. Its velocity also dropped. A decline in this metric means that SHIB has beenp used less often in transactions within a set timeframe.\u00a0<\/span><\/p>\n<figure id=\"attachment_404862\" aria-describedby=\"caption-attachment-404862\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024.png\"><img decoding=\"async\" class=\"wp-image-404862 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024.png\" alt=\"SHIB's weighted sentiment increased\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBA-INU-SHIB-14.21.21-06-Jul-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-404862\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h2>Will SHIB\u2019s rally last?<\/h2>\n<p><span style=\"font-weight: 400;\">To better understand what to expect from the memecoin, AMBCrypto checked its derivatives metrics. Our analysis of Coinglass\u2019s data revealed that SHIB\u2019s long\/short ratio registered a sharp uptick. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A long-short ratio that has risen indicates that more long positions are being held relative to short positions. What this reading indicates is that bullish sentiment is prevalent across the market.\u00a0<\/span><\/p>\n<figure id=\"attachment_404863\" aria-describedby=\"caption-attachment-404863\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1.png\"><img decoding=\"async\" class=\"wp-image-404863 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1.png\" alt=\"\" width=\"2560\" height=\"654\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1-300x77.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1-1024x262.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1-768x196.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1-1536x393.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1-2048x523.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Screenshot-2024-07-06-at-2.23.32\u202fPM-1-1200x307.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-404863\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">On top of that, at the time of writing, SHIB\u2019s <\/span><a href=\"https:\/\/cfgi.io\/shibainu-fear-greed-index\/1d\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fear and greed index<\/span><\/a><span style=\"font-weight: 400;\"> had a value of 31%, meaning that the market was in a \u201cfear\u201d phase.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever the metric hits that level, it means that the chances of a price hike are high.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Shiba Inu Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Finally, the technical indicator MACD displayed the possibility of a bullish crossover. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the Relative Strength Index made an exit from the oversold zone. This can be interpreted to be a bullish signal for the cryptocurrency.\u00a0<\/span><\/p>\n<figure id=\"attachment_404864\" aria-describedby=\"caption-attachment-404864\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33.png\"><img decoding=\"async\" class=\"wp-image-404864 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33.png\" alt=\"\" width=\"2560\" height=\"1375\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/SHIBUSDT_2024-07-06_14-26-33-1200x645.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-404864\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>An uptrend is on as far as SHIB is concerned. This could be good news. <\/p>\n","protected":false},"author":75,"featured_media":404865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[5824,66,3,6388,4,20],"tags":[6427],"class_list":["post-404860","post","type-post","status-publish","format-standard","has-post-thumbnail","category-memecoins","category-new-news","category-news","category-shiba-inu-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shiba Inu&#039;s 17% uptick means THIS for memecoin&#039;s long-term odds - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Shiba Inu [SHIB], the world\u2019s second-largest memecoin, has displayed a promising comeback after a sharp fall during the last week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/shiba-inus-17-uptick-means-this-for-memecoins-long-term-odds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shiba Inu&#039;s 17% uptick means THIS for memecoin&#039;s long-term odds - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"An uptrend is on as far as SHIB is concerned. 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