Shiba Inu (SHIB) price delivered 18% gains this week as investors piled heavy on the memecoin market. On-chain analysis examines how long bulls remain in control.

Shiba Inu price, Dogecoin (DOGE), and PEPE delivered double-digit gains this week as the memecoin market resurgence intensified. Can SHIB flip DOGE as the top-performing large-cap memecoin with the bulls firmly in control? 

Bulls Have Seized Control of the Market

Shiba Inu price performance this week has been attributed to the crypto market rally spreading toward the memecoin sector. Looking beyond the headlines, on-chain data has uncovered how the buyers gradually seized control of the SHIB market over the past month. 

According to Glassnode, Shiba Inu recorded 2,732 Receiving Addresses on Friday, November 10, significantly exceeding the corresponding 1,945 Sending Addresses. But more importantly, a closer look shows that addresses buying SHIB have consistently surpassed the number of selling addresses in the last 35 days. 

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Author: Ibrahim Ajibade

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