Bullish Outlook for Shiba Inu Despite On-Chain and Exchange Data

• Shiba Inu is currently trading at $0.00000962, reflecting an increase of 1.9% in the past 24 hours and 14.6% in the past 7 days.
• On-chain data from InTheBlock reveals that 56% of SHIB holders are underwater, while just 25% are keeping their heads above water.
• According to IOMAP data from IntoTheBlock, there is a bullish outlook for Shiba Inu until the big selling congestion zone around $0.000011.

The crypto landscape is always changing, and recently investors have shifted their focus to meme coins such as Dogecoin and Shiba Inu. As of this writing, Shiba Inu is priced at $0.00000962, which is a 1.9% increase in the past 24 hours and a 14.6% increase in the past 7 days. This has excited many investors and has caused the price of Shiba Inu to surge.

However, not all of the data surrounding Shiba Inu is bullish. InTheBlock’s on-chain analysis reveals that 56% of SHIB holders are underwater, while only 25% are still in the green. Additionally, the sentiment on exchanges is negative, which could be a sign of trouble ahead.

Despite this, there appears to be a bullish outlook for Shiba Inu until the big selling congestion zone around $0.000011. Data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model indicates that if this zone is breached, Shiba Inu could continue its recent rally.

WhaleStats, a cryptocurrency platform that keeps track of the largest holders of SHIB, recently revealed that the top holders of Shiba Inu increased their holdings by 15% over the course of the past seven days. This suggests that big investors are still bullish on the meme coin.

Ultimately, the future of Shiba Inu is uncertain. The on-chain data is bearish, while the exchange data is negative, but the IOMAP data is bullish. Additionally, the top holders of SHIB have increased their holdings, indicating that they are still confident in the coin. As such, whether or not this is the right time to buy Shiba Inu is up to the investor to decide.