Shiba Inu (SHIB) has been among the best-performing cryptocurrencies lately, with its price rising to a three-week high of $0.00001457 on September 19.
Shiba Inu (CRYPTO: SHIB) enjoyed a rally on September 19, with its price reaching a three-week high of $0.00001457. The meme coin price surged following the Federal Reserve's decision to lower interest rates the previous day.
The broader crypto market also enjoyed a rally following the Fed pivot.
Several on-chain metrics are suggesting that SHIB’s price may continue to pump in the short term.
For instance, the "In The Money" metric, as highlighted by IntoTheBlock, rose by 1.79% on a daily scale. This metric measures the change in the number of SHIB investors that are currently sitting on paper profits.
At the time of writing, 47% of all Shiba Inu investors are in the green, while 51% are underwater.
Another interesting development is the large transaction volume — where each SHIB transaction exceeds $100,000 — which reached over $18 million on a 24-hour scale. This marks a 122% increase compared to the figure observed on September 19.
The metric's surge could trigger positive investor sentiment and pave the way for an additional influx of participants into the ecosystem, bringing in fresh capital.
Next up, we have the resurgence of Shibarium, with daily transactions on the layer-2 blockchain solution gradually rising over the past few days, while active accounts are also increasing.
The protocol aims to foster the development of the Shiba Inu ecosystem by enhancing scalability, reducing transaction costs, and improving speed. As such, some market observers believe that its further progress could propel a price increase for the meme coin.
For more updates on the ecosystem, be sure to check out our Shibarium news page.
Shiba Inu's exchange netflow is another bullish factor, with outflows having predominantly surpassed inflows over the past 30 days, hinting at a shift from centralized platforms to self-custody methods. This could be considered a good sign for the bulls, as it reduces the immediate selling pressure.
However, it's not all sunshine and roses.
One metric that suggests SHIB’s value could experience a pullback in the near future is the Shiba Inu Relative Strength Index (RSI), which jumped to the overbought territory of 70 on September 20.
Conversely, readings below 30 signal that the asset could be oversold, meaning a price rally might be just around the corner.
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