• SHIB was over 6% in the last 24 hours. 
• Most market indicators turned bearish on the meme coin.

Shiba Inu [SHIB] has displayed an impressive performance. On the 9th of March, the meme coin trended at #1 via CoinMarketCap. But what does this upsurge mean for the token’s future direction?

Why is Shiba Inu trending?

Even though the world’s second-largest meme coin was trending on CoinMarketCap, its Social Volume and Weighted Sentiment plummeted, hinting at rising bearish sentiment at the time of writing. 

The most likely reason for SHIB’s current trend seems to be its price action. Notably, over the last seven days, its value surged by 70%.

AMBCrypto had earlier reported how the uptrend allowed SHIB to re-enter the top 10 list of cryptos by market capitalization.

In the last 24 hours, SHIB was up by 6%. At press time, it was trading at $0.00003547 with a market cap of over $20 billion.

Thanks to the price uptick, over 75% of SHIB investors were in profit, as per IntoTheBlock’s data.

This is what metrics suggest

To see whether SHIB will continue its uptrend, AMBCrypto checked the Network Value to Transactions (NVT) ratio. We found that after a sharp uptick, the NVT ratio registered a slight decrease.

This usually suggests that an asset is undervalued, and indicates that

Go to Source to See Full Article
Author: Dipayan Mitra

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details