Shiba Inu Addresses Surge 20x: Is This the Start of a Bullish Trend?

March kicked off with a bang for Shiba Inu (SHIB) as the meme coin attracted over 8.4k new addresses daily, reaching a peak of 21k new daily addresses. As highlighted by IntoTheBlock, this surge, nearly 20 times February’s daily average, reflects a notable uptick in interest despite the recent market correction. Traders, particularly bullish on SHIB, anticipate a recovery for the token amidst the broader crypto market turbulence.

Shiba Inu kicks off March with a bang, attracting over 8.4k new addresses daily & peaking at 21k new daily addresses – nearly 20x February’s daily average. #ShibaInu #SHIBARMY pic.twitter.com/5hXvKfqfio

— IntoTheBlock (@intotheblock) March 7, 2024

The recent market reset, catalyzed by Bitcoin’s surge to an all-time high above $69,000 on March 5, led to a significant downturn across various cryptocurrencies. However, social data from Santiment suggests that traders maintain optimism regarding SHIB’s potential for recovery.

Santiment’s analysis indicates a strong bullish sentiment, mainly driven by discussions surrounding SHIB’s recent price and market cap growth. The token surged by an impressive 378% from February 23 to March 6, reflecting the enduring enthusiasm among investors.

Alongside SHIB, dogwifhat (WIF) has captured attention for its remarkable performance in the recent market rally. WIF soared by an astonishing 640% from $0.3068 on February 23 to an all-time high of $2.27 on March 6, leveraging the meme coin mania to achieve substantial gains.

After the rollercoaster 24 hours following #Bitcoin’s new #AllTimeHigh and markets hitting the reset button, #ShibaInu and #DogWifHat are top assets traders are anticipating potential rebounds from. #Solana is seeing speculative #bullishness as well. https://t.co/eTxPJnuh3F pic.twitter.com/fMRLd6Y1J9

— Santiment (@santimentfeed) March 6, 2024

Despite the correction of the price level noticeably after the fall, the investors’ confidence in the prospects of the SHIB is highlighted with a lot of bullish mentions and discussions about buying and holding for investment. Nevertheless, the price tag of SHIB is $0.000031, and its rolling 24-hour trading volume is equal to $4.6 billion, depicting a 13.09% unfavorable change in the last 24 hours.

SHIB/USD 1-Day price chart, Source: Trading view

Technical indicators denote that SHIB has entered overbought territory, with the 1-Day RSI reading at 82.83 and it may be due for a retracement. Additionally, the 1-Day MACD hints at weakening buying pressure and a potential trend reversal. However, SHIB’s short-term price remains above the 50 EMA and 100 EMA, indicating bullish momentum.

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