{"id":525338,"date":"2023-04-03T14:20:23","date_gmt":"2023-04-03T14:20:23","guid":{"rendered":"https:\/\/wncen.com\/?p=525338"},"modified":"2024-06-11T07:48:52","modified_gmt":"2024-06-11T07:48:52","slug":"shiba-inu-fundamentals-when-will-shib-price-follow","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-fundamentals-when-will-shib-price-follow\/","title":{"rendered":"Shiba Inu Fundamentals Look Strong, When Will SHIB Price Follow?"},"content":{"rendered":"<p>Despite strong fundamentals, the Shiba Inu (SHIB) price is currently struggling to leave bearish territory. Since the local high of around $0.000016 on February 4, all attempts to generate new upward momentum have failed. Now SHIB may be facing a turning point.<\/p>\n<h2>Fundamentals Support The Shiba Inu Bulls<\/h2>\n<p>At least the underlying fundamentals provide some hope for the Shiba Inu bulls. As analyst Ali Martinez pointed out via Twitter, Shiba Inu recorded its largest increase in daily active addresses in a year at the end of March.<\/p>\n<p>In one day, 35,788 unique SHIB addresses interacted with the network. Generally, network activity is seen as a bullish metric that precedes price increases.<\/p>\n<figure id=\"attachment_525351\" aria-describedby=\"caption-attachment-525351\" style=\"width: 1360px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-525351 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/Shiba-Inu-adresses.jpg?resize=1360%2C834\" alt=\"Shiba Inu addresses\" width=\"1360\" height=\"834\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/Shiba-Inu-adresses.jpg?w=1360 1360w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/Shiba-Inu-adresses.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/Shiba-Inu-adresses.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/Shiba-Inu-adresses.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/Shiba-Inu-adresses.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/Shiba-Inu-adresses.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-525351\" class=\"wp-caption-text\">Shiba Inu daily active addresses Source: Twitter <a href=\"https:\/\/twitter.com\/ali_charts\/status\/70511360\" target=\"_blank\" rel=\"noopener nofollow\">@ali_charts<\/a><\/figcaption><\/figure>\n<p>Also showing a favorable bias are the SHIB burns. As reported by Shibburn, 6.78 billion SHIB tokens were burned with 540 transactions in the entire month of March. Both the absolute number of SHIB destroyed and the transaction count thus show a significant increase compared to the previous month of February.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-whale-accumulates-99-billion-tokens-in-massive-buying-spree\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Whale Accumulates 99 Billion Tokens in Massive Buying Spree<\/a><\/div>\n<p>In that month, only 352.21 million SHIB were burned in 128 separate transactions through community burn initiatives. Overall, the March burn is the highest since October 2022.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd25\ud83d\udd25\ud83d\udd25 6,782,788,547 <a href=\"https:\/\/twitter.com\/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$SHIB<\/a> tokens have been burned in the month of March with 540 transactions. <a href=\"https:\/\/twitter.com\/hashtag\/shib?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#shib<\/a><\/p>\n<p>&mdash; Shibburn (@shibburn) <a href=\"https:\/\/twitter.com\/shibburn\/status\/02405121?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In January 2023, 1.12 billion were burned in 223 transactions; in December 2022, 2.072 billion SHIB (in 349 transactions); in November 1.922 billion SHIB (in 381 transactions); and in October, 9.05 billion SHIB (in 2,433 transactions).<\/p>\n<h2>SHIB Price At Turning Point<\/h2>\n<p>A look at the 4-hour chart of SHIB shows that in the last week of March, the price was able to break a downward trend that had persisted since the beginning of February. However, the subsequent upward movement is not very convincing.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/litecoin\/litecoin-surges-12-24-flips-shiba-inu-market-cap\/\" target=\"_blank\" rel=\"noopener \">Litecoin Surges 13% In Last 24 Hours, Flips Shiba Inu In Market Cap<\/a><\/div>\n<p>Despite the earlier breakout, the Shiba Inu price is struggling to maintain its upward trajectory. In fact, the SHIB price has failed to break the series of lower lows. The April 1 high at $0.00001152 was lower than the March 14 local high.<\/p>\n<figure id=\"attachment_525370\" aria-describedby=\"caption-attachment-525370\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-525370 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=3625%2C1672\" alt=\"Shiba Inu price SHIB\" width=\"3625\" height=\"1672\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?w=3625 3625w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=460%2C212 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=860%2C397 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=768%2C354 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=1536%2C708 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=2048%2C945 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=750%2C346 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?resize=1140%2C526 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-36-05.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-525370\" class=\"wp-caption-text\">SHIB price, 4-hour chart | Source: SHIBUSD on TradingView.com<\/figcaption><\/figure>\n<p>The 1-day chart of SHIB reveals a similar pattern.\u00a0At the beginning of February 2023, SHIB managed to break out of a downward trend that had lasted since August 2022. However, the price couldn&#8217;t maintain its trajectory and fell back below the trend line a few weeks later.<\/p>\n<p>The breakout seen in recent days also looks rather weak. SHIB bounced off the key resistance at $0.00001122 and is retesting the trendline today.<\/p>\n<p>For SHIB bulls, it is of utmost importance to defend this trend breakout. Otherwise, a retest of the local low at $0.0000965 from March 10 could be imminent.<\/p>\n<figure id=\"attachment_525359\" aria-describedby=\"caption-attachment-525359\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-525359 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=3625%2C1672\" alt=\"Shiba Inu price SHIB\" width=\"3625\" height=\"1672\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?w=3625 3625w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=460%2C212 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=860%2C397 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=768%2C354 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=1536%2C708 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=2048%2C945 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=750%2C346 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?resize=1140%2C526 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/SHIBUSD_2023-04-03_13-14-06.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-525359\" class=\"wp-caption-text\">SHIB price at turning point, 1-day chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/auiwnFll\/\" target=\"_blank\" rel=\"noopener nofollow\">SHIBUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Shunsuke Ono \/ Unsplash, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite strong fundamentals, the Shiba Inu (SHIB) price is currently struggling to leave bearish territory. Since the local high of around $0.000016 on February 4, all attempts to generate new upward momentum have failed. Now SHIB may be facing a turning point. Fundamentals Support The Shiba Inu Bulls At least the underlying fundamentals provide some hope for the Shiba Inu bulls. As analyst Ali Martinez pointed out via Twitter, Shiba Inu recorded its largest increase in daily active addresses in a year at the end of March. In one day, 35,788 unique SHIB addresses interacted with the network. Generally, network activity is seen as a bullish metric that precedes price increases. Also showing a favorable bias are the SHIB burns. As reported by Shibburn, 6.78 billion SHIB tokens were burned with 540 transactions in the entire month of March. Both the absolute number of SHIB destroyed and the transaction count thus show a significant increase compared to the previous month of February. Related Reading: Shiba Inu Whale Accumulates 99 Billion Tokens in Massive Buying Spree In that month, only 352.21 million SHIB were burned in 128 separate transactions through community burn initiatives. Overall, the March burn is the highest since October 2022. \ud83d\udd25\ud83d\udd25\ud83d\udd25 6,782,788,547 $SHIB tokens have been burned in the month of March with 540 transactions. #shib &mdash; Shibburn (@shibburn) April 1, 2023 In January 2023, 1.12 billion were burned in 223 transactions; in December 2022, 2.072 billion SHIB (in 349 transactions); in November 1.922 billion SHIB (in 381 transactions); and in October, 9.05 billion SHIB (in 2,433 transactions). SHIB Price At Turning Point A look at the 4-hour chart of SHIB shows that in the last week of March, the price was able to break a downward trend that had persisted since the beginning of February. However, the subsequent upward movement is not very convincing. Related Reading: Litecoin Surges 13% In Last 24 Hours, Flips Shiba Inu In Market Cap Despite the earlier breakout, the Shiba Inu price is struggling to maintain its upward trajectory. In fact, the SHIB price has failed to break the series of lower lows. The April 1 high at $0.00001152 was lower than the March 14 local high. The 1-day chart of SHIB reveals a similar pattern.\u00a0At the beginning of February 2023, SHIB managed to break out of a downward trend that had lasted since August 2022. However, the price couldn&#8217;t maintain its trajectory and fell back below the trend line a few weeks later. The breakout seen in recent days also looks rather weak. SHIB bounced off the key resistance at $0.00001122 and is retesting the trendline today. For SHIB bulls, it is of utmost importance to defend this trend breakout. Otherwise, a retest of the local low at $0.0000965 from March 10 could be imminent. Featured image from Shunsuke Ono \/ Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":525363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,83667],"class_list":["post-525338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shiba-inu"],"acf":[],"yoast_head":"\n<title>Shiba Inu Fundamentals Look Strong, When Will Price Follow?<\/title>\n<meta name=\"description\" content=\"Despite strong fundamentals, the Shiba Inu (SHIB) price is currently struggling to leave bearish territory. 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