Shiba Inu leads the altcoins as investor attention witnesses a shift
- Prospects of a Shibarium’s launch this month trigger hype for the Shiba Inu community.
- SHIB’s supply held by top addresses was significantly lower considering its position at the beginning of August.
Investor attention has recently been shifting in favor of stablecoins and Shiba Inu is among the biggest beneficiaries. The impact of this shift was particularly evident in SHIB’s price action.
Read Shiba Inu’s [SHIB] price prediction 2023-24
Shiba Inu has recently been stealing the spotlight and it shows in its performance. Its social volume has been rising for the last few days by as much as 65%. This comes at a time when most of the top altcoins have been struggling to secure bullish momentum.
📊 Prices are mildly up for #altcoins today, but most mid & small caps are still struggling to gain any traction on the weekly timeframe. Many traders have shifted their focus to #ShibaInu, as the #memecoin is one of the few bright spots. $SHIB is +19% with rising social volume. pic.twitter.com/RNXashVDQo
— Santiment (@santimentfeed) August 10, 2023
The impact of this newfound attention is particularly evident in its price action. We previously looked into SHIB’s extended upside since June. Even more interesting is that SHIB somehow managed to rally by over 20% in the last seven days. This is despite the fact that most top cryptocurrencies have been struggling with low momentum.
Exploring the catalyst behind Shiba Inu’s bullish strength
It is likely not just a coincidence that SHIB has been rallying. We discovered after some research that the rally could be associated with renewed excitement regarding Shibarium. New reports suggested that Shytoshi Kusama, Shiba Inu’s lead developer confirmed that they are targeting a launch before the end of August.
Why is Shibarium’s launch attracting so much excitement? Well, it will be SHIB’s native blockchain network and the Shiba Inu community believes that it could be a major catalyst for the cryptocurrency. The network is expected to unlock a lot more utility for SHIB, thus explaining the heavy expectations.
Whether SHIB will rally or fall under the weight of expectations largely depends on its ability to sustain the bullish momentum. Here are some on-chain findings to consider. The supply held by top addresses was significantly lower than its position at the start of August.
Source: Santiment
How many are 1,10,100 SHIBs worth today
SHIB’s realized cap just registered its monthly peak at $376.56 million after the recent rally. In other words, the cost of acquiring SHIB now is significantly higher than it was roughly four weeks ago. The current price level may thus not be so attractive to potential buyers and may prompt them to anticipate a price dip.
Crypto prices tend to surge in the days leading up to a major development. In this case, Shibarium’s launch certainly qualifies as a major step forward for the Shiba Inu community.
However, such network-related developments may not necessarily turn out bullish. As such, SHIB holders should be on the lookout for sell pressure which could wipe out some of its recent gains.
