Shiba Inu [SHIB] bull run is here? Thanks to the hype surrounding…

February 5, 2023

By Suzuki Shillsalot

Realistic or not, here’s SHIB’s market cap in BTC terms

• At press time, SHIB’s price increased by more than 25% in the last seven days.

  
  

• Metrics and market indicators supported the possibility of a further uptrend. 

Shiba Inu [SHIB] recently outperformed all the other cryptos on the top 20 list with its price action. 

According to CoinMarketCap, SHIB registered double-digit weekly gains. At the time of writing, its price had increased by more than 8% in the last 24 hours and was trading at $0.00001501 with a market capitalization of over $8.2 billion.

Most of this hike can be attributed to the hype around the launch of SHIB’s much-awaited Shibarium. However, a look at SHIB’s on-chain metrics suggested that a few other factors were also at play. 

What went in SHIB’s favor

Santiment’s chart revealed that SHIB’s MVRV Ratio shot up considerably over the last few days as its price soared.

The uptrend was accompanied by an increase in volume, which acted as its foundation.

Thanks to the price pump, SHIB remained a topic of discussion in the community, as indicated by its social volume. Furthermore, the meme coin’s network growth registered an uptick which clearly hinted that Shiba Inu was not under selling pressure.

Moreover, CryptoQuant’s data pointed out that SHIB’s exchange reserve was decreasing, suggesting a rise in demand.

The increase in price also made the meme coin the first choice of the whales. WhaleStats, a popular Twitter account that posts updates related to whale activity, revealed that SHIB topped the list of the cryptos that the top 1000 Ethereum whales were holding. 

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