The price of Shiba Inu Shiba (SHIB), has risen by more than 30%. This could indicate that a bull market may be coming.
- SHIB prices jumped by more than 30% in August
- Yesterday’s trading volume for Shiba Inu reached 700%; the highest level since April 12.
- SHIB has extended MDIA registrations which mean traders should exercise caution
SHIB’s price reached $0.00017 on Saturday, marking a new high. This is an impressive increase since May 10. Trading volume increased 700% in the past weekend, which marks the most significant increase since April 12th.
The Shiba Inu network saw a significant uptrend in whale transaction, reaching as high as $100,000 in the August trading session. There were approximately 400 whale transactions, which catapulted to record-breaking sales of more than $100,000.
SHIB Daily Chart: Premature Bull Run
The daily SHIB chart shows that SHIB’s price movement suggests that it is premature to call for a bear run.
With the MFI and RSI chartering the overbought zones, the MACD position isn’t showing any potential bull run. There were apparently no intersections between trend lines and MACD which could indicate a huge uptrend.
According to CoinMarketCapSHIB has risen by 2.72% and is currently trading at $0.0000161919. Although the cryptocurrency has soared in value overnight the MVRV (1D) is still low at 7.498%. This suggests that very few investors have made any profit off the rally.
However, at +28.32% the MVRV is positive for 30D.
SHIB Displays Extended MDIA
An investor should consider another metric, the MDIA (Mean Dollar Invested Age). This refers to the median or average price of tokens and/or coin on the blockchain.
If the MDIA rises, this means that tokens have been sitting dormant for some time. If the MDIA is uptrending for a long time, it means that the network may be in a slow or even neutral phase. This will make pushing the price higher extremely difficult.
Shiba Inu’s MDIA shows that its MDIA has been stretched for a long time or six months at most. Traders must be very cautious when taking trade positions as the MDIA may indicate that SHIB might fall.
Another dog meme coin, Dogecoin (DOGE) also logged remarkable gains in yesterday’s trading session even without any support from Elon Musk who has been unusually silent about the coin for several months now.