Shiba Inu (SHIB) Price Gains Momentum with 7% Weekly Surge

Shiba Inu (SHIB) Price Gains Momentum with 7% Weekly Surge

Shiba Inu (SHIB) has seen a notable 7% increase in its price over the past week, reflecting positive market trends that are fueling investor optimism for a significant upward move. Despite minor market corrections, SHIB continues to stand out in the meme coin sector, which is showing promising growth. This momentum could signal a potentially profitable phase for SHIB investors.

Meme Coin Frenzy Fuels Shiba Inu’s Price Ascent

The price of Shiba Inu has risen in tandem with a broader surge in meme coins such as PEPE, WIF, BONK, FLOKI, and BRETT. Even amid recent market dips, the renewed interest in meme coins is evident. Initiatives like Shibburn and advancements in Shibarium suggest that Shiba Inu could see further price appreciation in the near future.

Shiba Inu is also preparing to launch its own Decentralized Autonomous Organization (DAO), which will give SHIB holders greater influence over the project’s direction. The DAO is intended to ensure that the project remains aligned with its core principles.

However, despite the DAO announcement, SHIB’s price has not moved significantly, lagging behind other meme coins. By establishing the DAO, Shiba Inu is reinforcing its commitment to decentralization.

Over the past 24 hours, SHIB’s price has experienced significant fluctuations, currently hovering around $0.00001462 after ranging between $0.00001438 and $0.00001504. As of now, the SHIB price holds firm above key support levels despite broader market challenges.

SHIB Price Forecast: Will It Rebound Above $0.000015?

The price of Shiba Inu is at a critical point. If the downward trend persists, its value may fall below the current support level of $0.00001455, potentially dropping as low as $0.00001. To climb from $0.00001 to $1, SHIB would need to rally by an incredible 2800%.

Technical indicators on the 4-hour chart show recent price fluctuations within a narrow range. The Awesome Oscillator (AO) below the price chart reveals a shift from bullish to bearish momentum, with green bars giving way to red, indicating decreased buying pressure.

The accompanying chart illustrates the Market Value to Realized Value (MVRV) ratio for SHIB from late February to late August. The MVRV ratio peaked sharply in early March, marking a time when the average investor could profit by selling. After this peak, the ratio plummeted, suggesting that market value fell below initial purchase prices.

Recently, the ratio has shown signs of recovery, though it remains well below previous highs. While some investor profits are recovering, market values have not yet returned to their earlier levels.

On the other hand, a surge in buying could push Shiba Inu’s price beyond the $0.000015 resistance. If this bullish scenario materializes, targets of $0.000017 and $0.00002 could soon be within reach.