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Shiba Inu (SHIB) Price Forecast: Holders’ Resilience Key to Sustaining Bull Run

2 mins
Updated by Ryan Boltman
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In Brief

  • Shiba Inu (SHIB) has witnessed a remarkable 46% surge in price recently.
  • Address activity and market behavior suggest a dynamic interplay between gains and potential sell-off zones.
  • With a significant number of addresses now 'In the Money', what’s next for SHIB’s price trajectory?
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Shiba Inu’s price recently witnessed a notable incline, and investors and traders are keenly observing the indicators to forecast its next move. Is this just another crypto rollercoaster, or are we seeing the beginning of a sustained price elevation for the memecoin?

SHIB has accumulated a staggering growth of 343.06% in the last month and almost 50% in the last 24 hours. This movement sends a strong signal to the market, but the question on every investor’s mind is: Can SHIB maintain its bullish momentum?

Shiba Inu’s MVRV Ratio Hits 1.29: A Stepping Stone or a Cliff Edge?

Just a week ago, Shiba Inu’s MVRV ratio was at a modest 0.5, a marker that the average SHIB was being held at a price lower than the market value, suggesting undervaluation or a lack of investor confidence. As the MVRV ratio soars to 1.29, it reveals a dramatic shift in market dynamics.

This leap indicates that the value perceived by SHIB holders has more than doubled, hinting at a strong bullish sentiment and potentially increased speculative interest.

SHIB MVRV. Source: IntotheBlock

The MVRV ratio, which compares the market capitalization (current price multiplied by the circulating supply) with the realized capitalization (the value of coins when they last moved), verifies the market’s profit and loss.

The current ratio underscores that most SHIB investors could sell at a profit, which could lead to either profit-taking or bolstered investor confidence, each with its implications for SHIB’s future price trajectory.

Top Addresses are Still Holding SHIB

Currently, 58.31% of the total supply of SHIB is held by top addresses, a slight decrease from 59.55% just three days prior. This modest decline occurred alongside a price surge, yet the data confirms that top addresses maintain their SHIB holdings.

Supply held by top addresses
Supply held by top addresses (in % of total supply). Source: Santiment

A stable or increasing percentage of supply held by top addresses could indicate their ongoing confidence in the token’s potential for growth, which may favor SHIB’s price.

SHIB Price Prediction: A 50% Increase Ahead?

The In/Out of Money Around Price (IOMAP) chart is a treasure map for SHIB traders, showing key price levels where addresses bought their tokens. With a current price of $0.000039, most holders are ‘In the Money,’ which could provide strong support at this level.

SHIB IOMAP. Source: IntotheBlock.
SHIB IOMAP. Source: IntotheBlock

Should SHIB maintain its hold above $0.000039, it might reinforce investor confidence, potentially propelling the price toward the next resistance near $0.000045. However, if it can break these resistances, Shiba Inu could continue its growth trajectory until $0.00006, leveraging 50% in gains in the next weeks, approaching its ATH.

Conversely, slipping below this pivotal line could see SHIB fail to seek support around $0.000035, where many addresses may choose to ‘break even’ on their investments.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Tiago Amaral
Marketing professional turned coder, passionate about code, data, crypto, and writing. I hold a Marketing and Advertising degree and a Disruptive Strategy certification from Harvard Business School. I love querying blockchain data and discovering insights hidden in data.