Despite concerns about market overheating, Shiba Inu (SHIB) has seen its price increase by 32.50% in the past week, currently trading at $0.000019 up from $0.000014 on September 23.
Market sentiment for SHIB has improved, with one-day circulation hitting a 10-week high of 5.77 trillion on September 26, suggesting growing market interest and Fear Of Missing Out (FOMO).
This surge in circulation aligns with a rise in whale transactions, including 75 transactions over $100,000 and over 10 transactions worth more than $1 million, indicating bullish momentum for SHIB.
Alongside these developments, SHIB’s social dominance has also increased, reflecting a surge in online discussions and positive market sentiment, often preceding price increases.
On the technical side, SHIB has broken above a descending triangle pattern since May 31, indicating potential for further gains, with the Bull Bear Power (BBP) indicator rising.
The Money Flow Index (MFI) also supports a bullish outlook, suggesting that SHIB’s price could jump by 90% to reach approximately $0.000035 within weeks unless buying pressure decreases or profit-taking occurs, which could pull the price down to $0.000015.
