Shiba Inu (SHIB) is down by 5% in the last 24 hours amid a crash across the broader crypto market that has caused more than $600M in liquidations. Despite the dip, two key metrics – the MVRV ratio and daily on-chain transaction volumes in loss – suggest that a reversal is underway. SHIB trades at $0.000014 today, with a seven-day dip of 18%. Meanwhile, trading volumes had increased by 81% in 24 hours according to data from CoinMarketCap. Has Shiba Inu Price Formed a Local Bottom? After losing over 16% in just one week, on-chain data indicates that a SHIB price bottom has been formed. The MVRV ratio is currently at the same level that it was in Q3 2024, before Shiba Inu made an explosive upward rally. Shiba Inu MVRV Ratio If history rhymes, which is usually the case with most meme coins and the crypto market, the price… Read More at Coingape.com
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