The canine-themed marketplace has relied on broader market sentiments. Meanwhile, the past few days had the market favoring meme coins. As a result, dog assets’ market capitalization has soared to $19.2 billion. For Shiba Inu, the August 14 rally remains a blessing for its holders.
Shiba Inu Comeback
While the rally’s trigger remains unclear (at the moment), improved market cues likely attracted the rise as SHIB hasn’t witnessed any substantial external development within the past few days. The last notable event was SHIB’s addition to the token list Binance Card supports.
Meanwhile, this upside awakened SHIB whales. The large wallet investors have recorded the highest transaction count in over four months. Nevertheless, their volume stayed at low levels, with these transactions generating only $130M.
The 33% upside also attracted market players to participate on-chain. The investor presence increased by more than 155% within 24 hours after the price surge. Also, the latest rally acted as a lucrative entry level for new market players. That remains essential at the moment. Furthermore, more than 10K users suddenly exited the marketplace towards July end, and the gap prevails to date.
Besides attracting more market participants, the sudden network growth will likely draw rapid positive ships in the asset’s adoption. Notably, increased adoption translates to surged use cases and value. And that’s where SHIB might make a far more massive dent than with only high trading volumes.
Meanwhile, it remains imperative for Shiba Inu to retain the current surge and extend the rally to avoid surrendering the recoveries noted in market value and prices. The MVRV ratio indicates that Shiba Inu’s market value lurks within the negative territory – a pessimistic narrative for the token has gained around 120% within the past two months.
As highlighted, meme coins always follow broad market cues. That means Shiba Inu’s analysis depends on market sentiments in the upcoming sessions. While publishing this post, bears seemed to confirm their presence as Bitcoin failed to overcome the $25K mark.
Remember, the bellwether crypto breached this level briefly before sliding. While publishing this blog, BTC traded at $23,898. Failure to trigger swift uptrends will delay SHIB’s upward party.