Shiba Inu Price Prediction – Can SHIB Become the Biggest Meme Coin?
Shiba Inu price continues under the weather, with declines expected to explore downhill levels below $0.00001000. The second-largest meme coin currently respects the presence of a key descending trend line. A solid support is required to bolster a move past this trend line to shift investor sentiment positively.
According to selected on-chain data from Santiment, SHIB is back in the buy zone. The MVRV (Market Value Realized Value) metric holds at -6.22%, which implies that the asset is relatively undervalued.
Santiment outlines that the MVRV reveals the average profit or loss of SHIB holders by tracking the price at which each token was previously moved. Since the price tends to correct to a fair value, Shiba Inu is considered a suitable buy.
In other words, investors looking for long positions in SHIB can do so as soon it taps a solid support area. It is recommended to wait for a confirmed turnaround before activating the orders.
A spike in the number of SHIB tokens held by top non-exchange wallets provides a prelude to the future of the meme coin. On-chain data from the chart below highlights a 6.67% growth from 559 trillion tokens in April to 599 trillion tokens held by this address cohort.
Although Shiba Inu price seems cornered, this may be a temporary situation. A bullish outcome is anticipated in the coming weeks as long as investors – both retail and whales do not lose sight of the potential northbound move in Shiba Inu price.
On the other hand, the whale transaction count above the 100,000 USD threshold has been falling since mid-August, when it peaked at 168. There was a considerable jump a month later in September to 133. However, activities have diminished by a large margin, with Santiment showing only a single
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