Shiba Inu (SHIB) Price Sets Its Eyes on Record Highs, With Two On-Chain Metrics Suggesting That It May Skyrocket Soon

SHIB price sets its eyes on record highs, with two on-chain metrics suggesting that it may skyrocket soon. These metrics hint that the meme coin has entered an accumulation phase.

Shiba Inu (SHIB) price is setting its eyes on record highs, and two on-chain metrics suggest that it may soar to new peaks. As these metrics hint at an accumulation phase for the meme coin, it could renew the bullish momentum and spark an upward trend.

However, despite the bullish tailwinds, SHIB value today remains largely subdued and is down by 15% from its April highs of $0.000015. At press time, the coin trades at $0.000013 with a mild 0.03% gain in 24 hours.

Shiba Inu Price Analysis As 108% Rally Looms

The daily chart for Shiba Inu price hints that an explosive rally is brewing, as the meme coin is testing the breakout of an accumulation zone after encountering resistance from a descending trendline. The next key level to watch is $0.00001364, and if it can form a decisive close above it, it will invert the market structure to bullish.

If this breakout occurs, and SHIB holds above the MA level of $0.0000182, a reaccumulation phase will likely play out before a potential 108% rally to $0.0000286.

The RSI stands at 54, an indication that the bullish momentum is still strong to support an upward trend. However, traders should be aware of a weakening uptrend as the AO bars suggest that the bullish sentiment is weak.

Despite the weak outlook depicted by the AO bars, two key on-chain metrics hint that the 108% will likely occur, and the SHIB price could skyrocket soon.

MVRV Ratio, On-Chain Losses Hint At Explosive SHIB Rally

The Shiba Inu Market Value to Realized Value (MVRV) ratio is showcasing that the price of this top meme coin is about to enter an explosive bull market. This metric is at the same level it was in Q3 2024 before a 54% rally ensued within two months, followed by another 94% surge in Q4. This surge saw SHIB clinch a multi-month high of $0.000033 in late 2024.

If history repeats itself and SHIB follows the same trend, and the price skyrockets by 94%, the new target will be $0.0000259. This aligns with the thesis around a bullish Shiba Inu price prediction and the possibility of new highs being formed soon.

Meanwhile, data from Santiment reveals that the ratio of daily on-chain transaction volumes in profits and losses has plummeted to 0.24%, reaching the lowest level in nearly two months. This low reading indicates that most holders are currently in losses, a fact that has consistently preceded a strong bounce as traders have less incentive to sell.

If the Shiba Inu price follows previous trends, and these on-chain metrics are suggesting an impending rally, then the meme coin will soar to new heights. However, this rally faces headwinds considering that traders have been diverting capital to newer meme coins, which may siphon funds away from older coins.