Shiba

when

Shiba Inu

Rise

Divergence

<p><a href="https://bitcoinist.com/crypto-cardano-shiba-inu-xrp/" rel="noopener noreferrer nofollow">The Shiba Inu (SHIB)</a> network value to transactions (NVT) ratio has come into focus, with the meme coin currently enjoying an uptrend. However, this metric suggests that Shiba Inu could soon hit a roadblock on its journey to $0.00003.&nbsp;</p>
<h2 id="shiba-inu-nvt-ratio-is-on-the-rise">Shiba Inu NVT Ratio Is On The Rise</h2>
<p>Data from the on-chain market intelligence platform <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="noopener noreferrer nofollow">Glassnode</a> shows that Shiba Inu’s NVT has witnessed a massive increase and is currently way ahead of the meme coin’s price. This is significant as it presents a <a href="https://bitcoinist.com/shiba-inu-team-member-encourages-shib-holders/" rel="noopener noreferrer nofollow">bearish outlook</a> for Shiba Inu and hints at a potential price correction for the meme coin.&nbsp;</p> <img fetchpriority="high" decoding="async" class="size-medium wp-image-631995" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-1-2.png?w=460&amp;resize=460%2C259" alt="Shiba Inu 1" width="460" height="259" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-1-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-1-2.png?w=460&amp;resize=460%2C259 460w" sizes="(max-width: 460px) 100vw, 460px" loading="lazy" data-recalc-dims="1">
<p>The NVT ratio isn’t the only metric that Shiba Inu investors should be concerned about. <a href="https://app.intotheblock.com/coin/SHIB/quick-view" rel="noopener noreferrer nofollow">Data</a> from the market intelligence platform <a href="https://bitcoinist.com/bitcoin-time-bull-market-intotheblock-explains-why/" rel="noopener noreferrer nofollow">IntoTheBlock</a> shows that Shiba Inu’s correlation with Bitcoin has drastically reduced since the flagship crypto began to enjoy an impressive rebound.&nbsp;</p>
<p>Before now, Shiba Inu’s correlation with Bitcoin was over 0.9, which indicated a strong positive price correlation. However, that figure has now dropped to 0.52, indicating a lesser correlation between both prices. Additionally, only about 51% of <a href="https://bitcoinist.com/shiba-inu-6-million-in-profit/" rel="noopener noreferrer nofollow">Shiba Inu holders</a> are currently in the money, which means the meme coin is at risk of significant sell-offs as the remaining 49% that aren’t in the money look to break even once the meme coin records higher prices.&nbsp;</p> <img decoding="async" class="wp-image-631996 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-2-1.png?w=460&amp;resize=460%2C153" alt="SHIB 2" width="460" height="153" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-2-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-2-1.png?w=460&amp;resize=460%2C153 460w" sizes="(max-width: 460px) 100vw, 460px" loading="lazy" data-recalc-dims="1">
<p>However, some other on-chain metrics paint a bullish picture for Shiba Inu, which could help avert such price correction and help sustain the meme coin’s current uptrend. One is the notable increase in Shiba Inu’s large transactions, suggesting that <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-whales-shib/#:~:text=Shiba%20Inu%20Whale%20Accumulates%20332%20Billion%20SHIB%20Tokens&amp;text=A%20plausible%20explanation%20is%20the,almost%2040%20trillion%20SHIB%20tokens." rel="noopener noreferrer nofollow">crypto whales</a> might be accumulating the meme coin in anticipation of higher prices.&nbsp;</p>
<p>Data from IntoTheBlock shows an increase of over 2% in these large transactions over the last seven days. Further data shows that 365.69 billion SHIB have been traded in the last 24 hours. Meanwhile, these <a href="https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-traded-tokens-whales-data-shows/" rel="noopener noreferrer nofollow">large transactions</a> recorded a seven-day high on July 22, when these investors traded 2.14 trillion SHIB.&nbsp;</p> <img decoding="async" class="wp-image-631999 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-3-1.png?w=460&amp;resize=460%2C156" alt="SHIB 3" width="460" height="156" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-3-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-3-1.png?w=460&amp;resize=460%2C156 460w" sizes="(max-width: 460px) 100vw, 460px" loading="lazy" data-recalc-dims="1">
<h2 id="a-rise-to-0-00003-is-still-possible">A Rise To $0.00003 Is Still Possible</h2>
<p><a href="https://bitcoinist.com/analyst-forecasts-bitcoin-to-hit-a-6-figure-price/" rel="noopener noreferrer nofollow">Crypto analyst Javon Marks</a> recently provided a bullish narrative for Shiba Inu, predicting that the meme coin could rise above $0.00003 soon enough. He <a href="https://x.com/JavonTM1/status/1817268093095411777" rel="noopener noreferrer nofollow">stated</a> that SHIB has confirmed a macro Hidden Bullish Divergence with its <a href="https://bitcoinist.com/bitcoin-breakout-from-major-resistance-levels/" rel="noopener noreferrer nofollow">Relative Strength Index (RSI)</a>, which indicates that a full recovery and continuation of its bull rally may be on the horizon.&nbsp;</p>
<p>He added that this <a href="https://www.newsbtc.com/news/59800-important-level-bitcoin/" rel="noopener noreferrer nofollow">confirmation</a> sets Shiba Inu for a price recovery of over 162%, sending its price to the $0.0000456 range. Interestingly, Marks also claimed that Shiba Inu might rally further as it could break out of a larger resisting structure, putting a price target of $0.000081 in sight.&nbsp;</p> <img loading="lazy" decoding="async" class="size-medium wp-image-632000" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-4-1.png?w=460&amp;resize=460%2C280" alt="Shiba Inu 4" width="460" height="280" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-4-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Shiba-Inu-4-1.png?w=460&amp;resize=460%2C280 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1">
<p>At the time of writing, Shiba Inu is trading at around $0.00001718, up over 2% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">data</a> from CoinMarketCap.&nbsp;</p> <img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/vv5lqvuW/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1518">

Shiba Inu’s NVT Ratio Sees Drastic Increase, Is A Rise To $0.00003 Still Possible?

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