The price of Shiba Inu finally surpassed $0.000033 on March 28, up 38.2% in the past week, with market indicators highlighting key catalysts for continued price growth.
With a 6% gain over the past 24 hours, Shiba Inu (SHIB) emerged as the second best performing asset among the top 50 memecoins.
SHIB surges 38% after weeks of consolidation
On March 5, the price of Shiba Inu soared to a three-year high of $0.000045 amid a historic memecoin market boom. Since then, SHIB has entered a two-week consolidation phase, with Solana memes like Dogwifhat (WIF), BONK, and SLERF taking center stage.
From March 5 to March 20, the price of SHIB fell 47.9%, but existing holders showed remarkable resilience as market demand slowed during those two weeks.
Although media coverage in mid-March was overwhelmingly slanted towards the Solana meme ecosystem, the majority of existing Shiba Inu holders remained firm, holding SHIB prices below the critical $0.000029 area until market momentum picked up again around March 20th. could have been avoided.
As you can see in the chart, Shiba Inu prices have been on the rise over the past week. SHIB’s stock price soared 38.2%, with five of the last eight candles being green.
Beyond SHIB price action, important market indicators reveal key bullish catalysts behind recent momentum swings.
Shiba Inu adoption rate rises above 30-day average
On March 28, Shiba Inu rose 6% in the last 24 hours, outperforming all listed memecoins except Dogecoin. A closer look at the underlying on-chain data trends shows that the ongoing rally is primarily driven by new entrants bringing in fresh capital.
IntoTheBlock’s new adoption rate metric tracks the percentage of total transactions on a blockchain network executed by new users.
According to the latest data, on March 27, 45.9% of all SHIB transactions were made from new wallets making their first transactions. In particular, this is much higher than the current 30-day average of 40.3%.
Strategic investors view it as a bullish sign when a cryptocurrency network experiences an abnormal increase in transactions from new users for two reasons.
The increase in transactions from new users signals growing adoption and interest in the Shiba Inu Network, which could potentially lead to an expanded user base and increased network activity.
Second, higher participation from new users may contribute to SHIB’s increased capital inflows and liquidity, providing greater market depth to support upward price momentum.
Shiba Inu saw a 63% increase in social media mentions in 24 hours.
Increased media attention surrounding Shiba Inus this week is another key bullish catalyst supporting positive price action. Santiment’s Social Volume Scorecard below ranks cryptocurrency projects by the number of mentions in relevant cryptocurrency media channels.
In the Memecoin category, Shiba Inu currently ranks second in active social media mentions, behind Dogecoin (DOGE), with a 63.5% surge in media traction over the past 24 hours.
More than any other cryptocurrency sector, memecoin price action relies heavily on media stories and community activity. Therefore, spikes in social media mentions are often seen as a key indicator of potential price movements as they reflect increased interest and sentiment within the community.
If these historically proven assumptions hold and media traction continues, SHIB traders can expect further price gains in the coming days.
Shiba Inu price prediction: $0.00004 goal reached
The price of Shiba Inu rose to $0.000033 on March 28, representing a monthly increase of 182%. Based on the rapid influx of capital from new users and a 63.5% surge in social media traction, the Shiba Inu price is expected to hit $0.00004 and could close the month with an increase exceeding 200%.
However, to validate this optimistic prediction, SHIB’s buying forces must first extend the looming sell wall at $0.000035, which coincides with the upper limit of the Bollinger Band indicator.
If capital inflows from new entrants generate enough momentum, the price of SHIB could break past the $0.000035 resistance and head towards the $0.000045 area.
Conversely, with monthly returns reaching nearly 200%, holders can get into profit-taking frenzy at any time. In this scenario, SHIB price could fall to the $0.00002 region.