Shiba Inu is gearing up for a price rally following a surge in activity on its network, with the daily count of active addresses with at least one transaction increasing by 37%.
An analyst has weighed in on the potential for Shiba Inu to reach $1, claiming it is highly unlikely to happen. The burning rate of Shiba Inu has been closely tied to the level of activity on its network. In recent weeks, the asset has responded slowly to the broader market rally due to declining interest, resulting in a sluggish price response.
However, the past few days have seen a significant turnaround for Shiba Inu, with a dramatic 37% increase in the daily count of active addresses that have completed at least one transaction between February 15 and February 18.
Shibariumscan data also indicates a renewed interest in Shibarium, with the total number of completed transactions reaching 358.707M. As of now, the network has recorded a total of 1.358M addresses. Additionally, the total BONE transfers so far amount to 1.529M.
On-chain data reveals that the total number of new transactions completed on Shibarium has increased by 140%. A closer look at the progress report shows that 1 million new transactions were completed on the network on February 15, and this figure rose to 2.4 million on February 18.
Analysts attribute this three-day surge in network activity to an unexpected 8,140% increase in BONE transfers within a single day, between February 14 and February 15. According to Shibariumscan, the number of new BONE transfers skyrocketed from 415 to 33,775 in just one day.
Taking a deeper dive into Shiba Inu’s price analysis, market data indicates a 5% increase last week. At present, the meme coin is down by 0.01% in the past 24 hours but maintains a bullish market sentiment with a score of 85/100. Over the last 30 days, Shiba Inu has recorded a return of 3.8% and a price gain of 22% in the last 90 days.
Analysts have observed that Shiba Inu has sustained demand, with a Chaikin Money Flow of around 0.16. The CMF value is above the zero line, indicating market strength and liquidity inflow. Furthermore, the analysis of the Awesome Oscillator (AO) indicator reveals that Shiba Inu has consistently shown upward-facing green histogram bars since February 11, indicating a growing trend.
This indicator is used by analysts to assess the strength and direction of an asset’s trend within a specific period. Based on the current reading, there is positive buying pressure for the meme coin. Another notable observation is the presence of volatility in the market, as the Bollinger Bands (BB) indicate a widening gap between the upper and lower bands of the indicator.
Investors are eagerly anticipating the launch of Sheboshi NFTs, which are expected to complement the existing Sheboshi collection. Some enthusiasts believe that this, along with several upcoming projects, could bring the price closer to “killing the remaining zeros”. However, crypto analyst Zack Humphries doubts this possibility due to the available supply of the asset. He believes that reaching that milestone would make Shiba Inu the most valuable crypto asset and the largest company by market cap.