Summary
TLDR: Shiba Inu’s price has surged dramatically, with a 343.06% increase in the last month. The MVRV ratio has doubled, indicating bullish sentiment. Top addresses still hold a significant amount of SHIB, suggesting confidence in its potential growth. The IOMAP chart shows strong support at the current price level, with potential for a 50% increase if SHIB continues to rise.
Key Points
1. Shiba Inu has experienced significant price growth, with a 343.06% increase in the last month and almost 50% in the last 24 hours, prompting market observers to question whether this marks the beginning of sustained price elevation for the memecoin.
2. The MVRV ratio for Shiba Inu has jumped from 0.5 to 1.29, indicating a shift in market dynamics and a significant increase in the perceived value by SHIB holders, potentially signaling strong bullish sentiment and heightened speculative interest.
3. Top addresses continue to hold a significant portion of the total SHIB supply, with 58.31% currently held by these addresses. This ongoing confidence from top holders could bode well for SHIB’s price and potential for growth.