Shiba Inu on the Rise: Bullish Outlook for SHIB Investors

•Shiba Inu is currently worth $0.00000962 and has seen an increase of 1.9% in the last 24 hours and 14.6% in the past seven days.
•InTheBlock’s on-chain data suggests that 56% of those holding SHIB are underwater, with 25% keeping their heads above water.
•Data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model indicates a bullish outlook in Shiba Inu price until the big selling congestion zone around $0.000011.

The cryptocurrency market is constantly evolving and with it comes new coins and tokens that have the potential to become the next big thing. One such coin is Shiba Inu (SHIB), a meme coin that has seen a recent surge in popularity. At the time of this writing, one SHIB token is worth $0.00000962, reflecting an increase of 1.9% over the course of the previous twenty-four hours and 14.6% over the course of the previous seven days.

InTheBlock’s on-chain data shows that Shiba Inu remains relatively gloomy, with 56% of those holding SHIB underwater and only 25% keeping their heads above water. The on-chain bear signals are more powerful than the bull and neutral signals, indicating that the overall direction of the signals for SHIB is bearish.

However, data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model suggests a more bullish outlook. The data indicates that SHIB could experience further price increases until the big selling congestion zone around $0.000011. The recent surge in investor attention for alternative coins such as Dogecoin and Shiba Inu has no doubt contributed to the coin’s bullish outlook.

WhaleStats data shows that SHIB tokens have been actively moved in and out of exchanges as investors look to take advantage of the potential upside. The data also shows that a large portion of the token’s supply is held by a handful of investors. This could be a positive sign as it shows that there is a large amount of capital invested in SHIB, which could provide a lot of upside potential.

It is important to note that investing in cryptocurrency is a risky venture and investors should always conduct their own research before investing. It is also important to keep an eye on the news, as developments such as the upcoming Shibarium release could have a major impact on the coin’s price. With this in mind, it appears that now may be the right time to invest in Shiba Inu.