Why SHIB’s Price Could Keep Climbing Soon
Shiba Inu (SHIB) has been on a wild ride lately, hitting a three-week high of $0.00001457 on September 19. The meme coin picked up speed after the Fed decided to lower interest rates on September 18, causing the entire crypto market to surge.
Some on-chain indicators are hinting that SHIB’s price might keep skyrocketing. According to IntoTheBlock, the “In The Money” metric—which tracks the number of SHIB investors currently making a profit—is up by 1.79% in just one day. Right now, 47% of Shiba Inu investors are grinning from ear to ear, while 51% are still waiting for their moment.
Big money is also pouring in, with large transactions (over $100,000 each) reaching more than $18 million in just 24 hours—a whopping 122% increase from September 19. This spike could boost investor confidence and attract even more players into the SHIB ecosystem, bringing in fresh capital.
But that’s not all. Shibarium, SHIB’s layer-2 blockchain solution, is making a comeback. Daily transactions and active accounts on Shibarium have been climbing recently. This protocol aims to supercharge the Shiba Inu ecosystem by making transactions faster, cheaper, and more scalable. Some experts believe that as Shibarium progresses, it could push SHIB’s price even higher.
Another bullish sign is Shiba Inu’s exchange netflow. Over the past 30 days, more SHIB tokens have been moving out of centralized exchanges than into them. This shift towards self-custody methods could be great news for the bulls, as it reduces immediate selling pressure.
However, it's not all sunshine and rainbows. One red flag is SHIB’s Relative Strength Index (RSI), which has jumped into the overbought territory of 70 as of September 20. This could mean that SHIB’s price might face a short-term pullback.
In contrast, if the RSI drops below 30, it signals that SHIB might be oversold, setting the stage for another price rally. So, keep your eyes peeled!
