Shiba Inu [SHIB] was back in action after it rose by both its price as well as market value. The meme cryptocurrency jumped up to the 12th position beating Polkadot [DOT]. SHIB managed to do so after its market cap rose to a high of $8.05 billion. In addition to this, the price of the asset surged by 22.10% over the weekend. But, will SHIB be able to prolong this bullish notion this week?
At press time, Shiba Inu was trading for $0.00001466 with a 2.43% daily plummet. It should be noted that the asset swelled to a high of $0.00001562 on Saturday all the way from a low of $0.00001134. According to Gov Capital, SHIB is likely to dip down to $0.000013 on Tuesday. Yet, this trend might be disrupted as the cryptocurrency is expected to rise to $0.000016 over the coming weekend.
It looks like this upswing ticked off a buying spree. The one-day chart of SHIB/USDT highlighted that the asset was being overbought. The Relative Strength Index [RSI] was close to the 80 median.
The total number of unique addresses that hold the assets in the network peaked at an all-time high of 1,298,122. With the network inching closer to 1.3 million, SHIB may continue its hot streak.
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How many of these Shiba Inu investors are pocketing profits?
For quite some time, about 60% of Shiba Inu holders have seen enduring losses. However, the narrative was certainly changing thanks to the asset’s latest rally. At press time, about 45% of holders were making money at the current price of SHIB. However, 54% were losing money. All these signs were inclined towards a bullish week for Shiba Inu. Additionally, the community members were also optimistic as Shibarium’s launch was just a couple of days away.