[ad_1]
Amid its 3-year anniversary celebrations, SHIB is optimizing its official blog toward attracting new audiences, including the Chinese and Indian markets. Will it trigger more Shiba Inu gains?
On July 31, 2023, Shiba Inu commemorated its 3-year anniversary. In the months leading up to the landmark event, the team introduced several new product updates, including — a native Cold Wallet, Shibarium network upgrade, and a SHIB-Ethereum bridge.
Notably, on Monday, the team also announced that it will now render its official blog to Chinese, Hindi, Japanese, Turkish, and Spanish audiences.
On-chain analysis detects early signs that recent announcements could trigger positive SHIB price movement.
As the 3-year anniversary rolls around, on-chain data shows that the global SHIB Army community has been actively engaged. Indicatively, Santiment reports that SHIB Social Volume has increased significantly towards the end of July.
Between July 21 and August 1, the SHIB Social Volume score climbed from 88 to 164. This represents an 86% rise in media interest.
Social Volume data evaluates the current level of media buzz and coverage surrounding blockchain networks. It essentially aggregates the total number of times the project is being referenced across relevant crypto media channels.
Generally, when Social Volume rises, it signals increased investor interest and awareness. Interestingly, with the flurry of recent product launches, the SHIB team is taking full advantage of the media hype surrounding its 3-year anniversary.
Hence, there is a possibility that the hype will evolve into concrete Shiba Inu gains in the coming days.
In confirmation of that bullish prediction, Shiba Inu has witnessed a gradual increase in Transaction Volume over the past week. The chart below illustrated this vividly.
In correlation to the rise in Social Volume, SHIB Transaction Volume has also grown 110% from 1.61 trillion to 3.36 trillion between July 22 and August 1.
The Transaction Volume data evaluates changes in market demand by tracking the number of tokens transacted by investors over a given period.
When it starts to rise persistently over an extended period, it signifies that crypto investors are increasingly interested in the core products and services offered on the SHIB network.
Considering the close correlation observed between Shiba Inu’s transactional activity and the ongoing media buzz, SHIB price could deliver more price gains in the coming weeks.
SHIB Price Prediction: Potential Rally Toward $0.000010
Based on the on-chain indicators analyzed above, SHIB will likely consolidate about the $0.000008 range. But for Shiba Inu gains to surpass $0.00001, the bulls must first flip the $0.000009 resistance.
As shown below, 22,420 investors bought 22.7 trillion SHIB tokens at an average price of $0.000009. They could slow the rally if they opt to exit their positions.
Nevertheless, with strong bullish momentum, then the SHIB price action could head toward $0.000010.
Yet, the Shiba Inu bears could force a downtrend if SHIB breaks below $0.000007. However, as seen above, 28,000 addresses that bought15.8 trillion SHIB tokens at the minimum price of $0.000007. If they offer bullish support, they could prevent the drop.
But if the bears can tear down that buy wall, Shiba Inu could drop to $0.000006.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
[ad_2]
Source link
