Shiba Inu: Can Fresh Market Money Propel SHIB to $0.001?

• Shiba Inu Gains Momentum as New Capital Enters the Market
• Unexpected Surge in New Investor Transactions
• New Adoption Rate: A Key Indicator
• Recent Performance of Shiba Inu
• Breakout Prediction

Shiba Inu Gains Momentum as New Capital Enters the Market

In the course of November 2023, Shiba Inu$0.000010 -2.05% failed to overtake Dogecoin$0.091 -0.42% in terms of popularity and investment inflow. Yet, current on-chain data trends are now revealing a shifting narrative. Evidence is mounting that investors are funnelling fresh capital into the SHIB markets.

Unexpected Surge in New Investor Transactions

This week saw SHIB experience a sudden spike in transactions from new investors. These transactions reached a four-month high of 40% on December 4, as recorded by on-chain data analytics platform IntoTheBlock. Interestingly, the most recent reading of 34.44% is still comfortably above the 30-day average of 23.41%. This statistic signifies a continuous influx of new entrants into the Shiba Inu ecosystem.

New Adoption Rate: A Key Indicator

The New Adoption Rate metric is an important tool for measuring the percentage of total active addresses carrying out their first transaction on any given day. This metric provides valuable insights into the rate of new capital injection into the SHIB markets. A rising number during a price increase is a clear sign of a significant inflow of new investors experiencing Fear of Missing Out (FOMO). If this trend persists, holders of Shiba Inu may foresee a major boom in the near future, spurred by the arrival of new market participants.

Recent Performance of Shiba Inu

Shiba Inu has had a fairly good run over the past 30 days, with the coin appreciating by 24.9% within this timeframe and 21% in the past week alone. SHIB has regained the $0.00001 value level and has risen 12.1% in the last 24 hours. However, a note of caution remains due to potential downside risk. If Shiba Inu's price falls below the $0.00007 mark, bears may challenge the prevailing bullish forecast.

Breakout Prediction

The combination of a surge in new user transactions and positive technical indicators suggest a potential market breakout for SHIB. This development could challenge its historically understated status and position it as a potent contender in the cryptocurrency market.

Edited by Jonathan Stoker