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- Shiba Inu is set for a price rally following an increase in activities on its network as the daily count of active addresses with at least one transaction surges by 37%.
- An analyst joins Shiba Inu’s potential $1 conversation and claims it is almost unlikely.
Shiba Inu’s burning rate has been tied to the intensity of its network activities as reported by CNF. Over the last couple of weeks, the asset has responded to a broad market rally with a decreasing pace due to the decline in interest, causing a slow response from the price.
However, the last few days have been a different story as Shiba Inu made a dramatic turnaround with a 37% increase in the daily count of active addresses that completed at least one transaction between February 15 and February 18.
Shibariumscan also shows a renewed interest in Shibarium, taking the total completed transactions to 358.707M. The total number of addresses recorded on the network as of press time was 1.358M. In addition, the total BONE transfer so far is 1.529M.
As indicated by on-chain data, the total number of new transactions completed on Shibarium has increased by 140%. A critical look at the progress report indicates that 1 million new transactions were completed on the network on February 15. On February 18, the figure stood at 2.4 million.
Analysts associate this three-day hike in network activities to the unexpected surge in BONE transfer on the network in a single day by 8,140% between February 14 and February 15. According to Shibariumscan, new BONE transfers recorded a whopping surge from 415 to 33,775 in just a day.
More on Shiba Inu Price Analysis
A look at the market data shows that Shiba Inu posted a 5% uptick last week. As of press time, the meme coin was down by 0.01% in the last 24 hours but had a bullish market sentiment with a score of 85/100. In the last 30 days, Shiba Inu has recorded a return of 3.8% and a 22% price gain in the last 90 days.
Analysts’ observation of the coin shows that Shiba Inu has a sustained demand, with its Chaikin Money Flow currently around 0.16. Also, its CMF value was above the zero line, indicating a strength in the market. Per the analysts’ explanation, this signals liquidity inflow. Assessing the Awesome Oscillator (AO) indicator further shows that Shiba Inu has since February 11 recorded “upward-facing green histogram bars”. The heights have been reported to grow steadily day after day.
Analysts use this indicator to assess the strength and direction of a trend of an asset within a given period. Based on the current reading, the buying pressure is positive for the meme coin. Another interesting observation is that volatility is present in the market as the Bollinger Bands (BB) shows that the gap between the upper and lower bands of the indicator is widening.
Investors have their fingers crossed as they expect the soon-to-be-launched Sheboshi NFTs to complement the existing Sheboshi collection.
To some enthusiasts, this, coupled with the many projects in the pipeline could push the price a step closer to “killing the remaining zeros”. Speaking on this, crypto analyst Zack Humphries doubted this possibility considering the available supply of the asset. According to him, hitting that milestone would make Shiba Inu the most valuable crypto asset and the largest company by market cap.
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