Bonjour Shiba Inu [SHIB] holders, you should be on cloud nine because…

With no identified catalyst, the worth of the favored meme coin, Shiba Inu [SHIB], went up by over 30% throughout the buying and selling session of 14 August.

SHIB went as excessive as $0.00017, the very best worth degree since 10 Could. As well as, the buying and selling quantity throughout yesterday’s (14 August) session went up by over 700%, probably the most SHIB has logged since 12 April.

In accordance with the analytics agency Santiment, the SHIB community noticed a big uptick in whale transactions above $100,000 throughout yesterday’s intraday buying and selling session.

Over 400 whale transactions had been accomplished. Thus, making the file as probably the most transactions valued at $100k+ that SHIB has logged previously 4 months. 

Prepared, regular, go?

A take a look at SHIB’s actions on the each day chart revealed {that a} conclusion- yesterday’s rally marked the graduation of a bull run for the meme coin- is perhaps misconceived. 

Whereas the token’s key indicators, Relative Power Index (RSI) and Cash Move Index (MFI) are in overbought areas, the place of the MACD confirmed no imminent bull run. The MACD and pattern strains, at press time, had been far aside, with no upward intersection in sight. 

Supply: TradingView

As of this writing, the meme token traded at $0.00001558, per knowledge from CoinMarketCap. This represented a 9% drop from the intraday excessive of $0.000017 logged yesterday. 

Moreover, regardless of the numerous worth uptick within the final 24 hours, the MVRV (1D) posted a detrimental -7.498%. Thereby, hinting that not many buyers noticed revenue throughout yesterday’s worth rally.

On a 30D window, nonetheless, the token logged a constructive MVRV of +28.32%.

Supply: Santiment

Earlier than buyers ape into shopping for this meme coin, one other on-chain metric worthy of observe is the Imply Greenback Invested Age (MDIA).

In accordance with Santiment, it’s described as the common age of all cash/tokens on the blockchain weighted by the acquisition worth.

When a token’s MDIA rises, it signifies that the tokens stay dormant in pockets addresses. A protracted stretch of the MDIA in an uptrend sends a observe of warning because it means there’s stagnancy on the token’s community, making it laborious for its worth to proceed rising.

A take a look at SHIB’s MDIA revealed that it has been in a protracted upward stretch previously six months.

Therefore, warning is required whereas taking buying and selling positions primarily based on yesterday’s rally, because the stagnancy on the SHIB community signifies that its worth will nonetheless fall. 

Supply: Santiment

That being stated, Dogecoin [DOGE] was one other meme coin that noticed notable features throughout yesterday’s buying and selling session.

The Elon-backed coin rose by practically 8% as its worth grew from $0.0771 to $0.0838, in keeping with CoinMarketCap.

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