Shiba Inu: ‘Second to Bitcoin’, here’s what SHIB price forecast looks like

• Selling pressure on Shiba Inu increased slightly.
• The metrics suggested that SHIB was undervalued, indicating a bullish rally.

Shiba Inu (SHIB), the world’s second largest meme coin, has gained immense popularity in recent years. In fact, its popularity was second only to that of the king of cryptocurrencies, Bitcoin (BTC) in Europe.

But will the rise in popularity of meme coins help the price front in the short term?

Are investors selling Shiba Inu?

Shiba Inu recently posted a buzzing Revealing the fact that SHIB was the second most searched cryptocurrency in Europe Bitcoin.

To check if this also affected the meme coin’s social metrics, AMBCrypto took a look at sentiment.

According to our analysis, SHIB social volume remained consistently high last week.

However, this popularity did not have a positive impact on market sentiment as its weighted sentiment has declined significantly in recent times.

As sentiment turned bearish, selling pressure on Meme Coin also increased. The supply flow of the meme coin also increased last week.

Notably, the supply of Shiba Inu trades has increased over the past week. This occurred when whales were not actively trading the token, which was evident from their flat supply on the address chart above.

Is SHIB Starting a Bullish Rally?

The high popularity of the Shiba Inu may indirectly have a positive effect on its price, even if selling pressure is high.

AMBCrypto’s analysis of Glassnode data revealed that SHIB experienced a sharp decline in its network value to transactions (NVT) ratio.

To begin with, the NVT index is calculated by dividing the market capitalization by the volume transferred on the chain, measured in USD.

Every time the metric falls, it means the asset is undervalued. This suggests that prices are more likely to move north.

In fact, things were already starting to look bullish for SHIB as the meme coin’s value increased by over 5% in the last 24 hours.

At the time of writing, SHIB was Business At $0.00002932, it became the 12th largest cryptocurrency, with a market capitalization of over $17 billion.

Reading Shiba Inu (SHIB) Price Prediction 2024-25

To see if the uptrend will continue, AMBCrypto checked the Shiba Inu daily chart. Our analysis suggests that the SHIB Relative Strength Index (RSI) is bullish.

The Money Flow Index (MFI) also rose, suggesting that SHIB’s bullish rally could last for a long time. However, MACD remained in favor of sellers as it showed bullish gains in the market.

This is an automatic translation of our English version.