The Memecoin mania is undoubtedly at the center, although larger coins represented decent market gains. Well the reason was massive hype and even higher profits that meme coins like Shiba Inu had to offer. For example, the price of Shiba rose 1130% in less than a month. In fact, Shiba achieved nearly 631.73% ROI for its HODLers in the most recent quarter.
So the relevant question here is: can the 11th coin, originally launched as the DOGE killer, be a good addition to your portfolio?
One hit wonder?
In the past three months, SHIB has made it into the top ten coins by market capitalization. However, as the larger market gained traction, SHIB’s rank soon fell. Surprisingly, the asset still ranks 11th and seems to be working on its use cases as well.
On the other hand, Bitcoin and Ethereum have developed new ATHs that dominate the larger market with their bullish development. So does it still make sense to have SHIB in your portfolio?
Well, many thought SHIB was a one hit wonder. The coin’s market cap seems to fit this narrative pretty well. In addition, as surprising as it sounds, Ethereum whales appear to be turning profits on SHIB. In particular, ETH whale ‘Gimli’ on November 8th bought 31,343,807,428 SHIB, valued at nearly $ 1,729,551.
Additionally, the total number of Shiba Inu owners has increased over the past two months. In fact, the number has now passed the 930,000 mark. A Shiba-Inu whale reportedly added $ 1.15 billion worth of SHIB to a wallet during the BTC and ETH bull run. Consequently, this move has left investors optimistic about the meme coin.
On the historical front, the accumulation of whales fueled a bullish narrative for the SHIB price. But do on-chain metrics tell a similar story?
On-chain metrics hold up well
Recently, after AMC Entertainment announced on their third quarter conference call that they were looking for ways to accept SHIB payments in their theaters, SHIB’s social volume spiked immediately. However, the same is still in talks. If AMC’s plan is now implemented, SHIB could explode again. For now, however, the total number of Shiba Inu owners has increased in the past two months and has now exceeded 930,000.
In addition, SHIB’s supply on the exchanges is still in a downtrend while the accumulation trend continues.
The trend mentioned above further underscores how much HODL believes in SHIB. In addition, the active addresses held up well despite the recent consolidation of SHIB. Although the active addresses fell from 100,000 at the top to 23,000, it was still above the numbers.
On the whole, with Shiba holding his rank pretty well, it seemed like this dog coin would stay here.
Comments are closed.