Shiba Inu (SHIB) is making waves once more in the crypto world. What was once considered just a meme coin inspired by the Shiba Inu dog breed has grown into something much bigger, with serious momentum behind it. Recently, Shiba Inu's resurgence has caught the eye of both retail investors and whales alike, thanks to a combination of technical indicators and new developments in its ecosystem.
One of the clearest signs of Shiba Inu's recent success comes from IntoTheBlock's In/Out of the Money indicator. This handy tool lets investors figure out how many SHIB tokens are currently in profit at a given price. The metric shows that around 56% of Shiba Inu holders are now in the green, while only 42% are holding at a loss. This shift signals a change in the market's tone, with more investors seeing their tokens become profitable again.
More profitable tokens typically lead to more confidence in the asset. If people feel like they're making money, they're more likely to hold or buy even more. This could create a positive feedback loop, pushing SHIB's price even higher. And that's not all. Larger transactions (think $100k and up) are becoming more frequent, hinting that big players are starting to take notice again. When whales start accumulating, it's often a sign that more price action is on the horizon.
Shiba Inu monthly price, as of September 2024.
On top of the improving profitability stats, the Shiba Inu ecosystem is seeing big moves from its Shibarium network. According to data from DefiLlama, Shibarium's Total Value Locked (TVL) just hit a record high, shooting up from $1.4 million to over $4 million in a 24-hour period. This is a big deal because TVL reflects the total value of assets staked in the network's decentralized finance (DeFi) protocols.
This jump in TVL suggests that not only is the value of SHIB increasing, but people are also more willing to lock their tokens into Shibarium, betting on future returns. It’s not just small-time holders either—whales and institutional players are jumping into the action. With new accounts on the network spiking from 29 to around 743 and daily transactions climbing to over 11,000, it's clear there's growing confidence in Shibarium.
Total Value Locked of $3.98m, as of September 2024, according to DefiLlama.
Can SHIB Hit New Highs?
Shiba Inu’s price has also seen impressive growth, spiking over 51% in the past week alone. It’s now trading at around $0.00002, which has many wondering how far it can go. Analysts are predicting that SHIB could hit $0.00016, potentially pushing it toward a new all-time high (ATH) by the end of 2024. Some experts, like crypto analyst Oscar Ramos, even suggest a price of $0.00017 by 2025 if the momentum continues.
While the price has slightly pulled back after its recent surge, this isn’t necessarily a bad thing. A brief period of consolidation often means the market is taking a breath before the next leg up. And if history is any guide, Shiba Inu has shown it can come back from slumps with explosive rallies—like when it gained 400% in just 10 days during March’s rally earlier this year.
Shiba Inu is a coin that has long defied expectations. What started as a meme is now becoming a more serious player in the crypto space, largely thanks to its ecosystem growth and the sheer force of its community. The combination of an improving In/Out of the Money ratio, Shibarium’s TVL spike, and increasing whale activity could signal that SHIB is gearing up for another breakout.
If you’re in the game, now might be the time to pay close attention to those charts and on-chain data. After all, the dog-themed coin has proven it’s got more bite than bark. Whether or not it hits those lofty price targets, Shiba Inu is certainly a token to keep on your radar.
