Shiba Inu [SHIB] is one of the earliest and most-capped memecoins with a market capitalization of $3.66 billion. Its price action has been forming a bottom since March.
On-chain data from Shiba Inu suggests a potential memecoin season may be on the way. What were the metrics pushing this projection?
Analyzing Shiba Inu’s chain activity
As per data from Etherscan, Shiba Inu’s holder count was rising over the past few weeks. The number of wallet addresses with a non-zero balance rose by 22,000 in one week. This took the total to 1.585 million, indicating a shift in sentiment.
This surge coincided with a spike in daily trading volume of 18%.
Additionally, the total burned SHIB tokens were at 41.08% of an initial supply of 1 quadrillion. The total circulating supply is at 585.4 trillion SHIB.
The burn rate increased by 26% in 24 hours, during which 22.90 million SHIB were burned. Over the past week, the count was 52.22 million, while on a monthly scale, it was 215.2 million tokens.
Source: ShibburnMemecoin market sentiment turning up
Moreover, the total number of social interactions and contributors was starting to turn up across different memecoins. Among them were PEPE, BONK, dogwifhat [WIF], and FLOKI, whose price action trends aligned with the shifting social sentiment.
As per Alphractal, SHIB’s active social posts spiked to a six-month high of 4K, while total interactions reached 1.8K. These figures indicated the whole sector was waking up rather than a single token.
Source: AlphractalThis data indicated either capital rotation was starting or the upside seen in the past few weeks had peaked. Memecoins had collectively gained about 8% in a week.
Is memecoin season back?
On the charts, the aforementioned memecoins were printing similar structural outlooks. They were all testing breakout zones that had been in place over the past six months.
For instance, SHIB’s price was trading at $0.00000620, around the slanting trendline resistance. The consolidation before this move suggested a potential bottom.
The Bull-Bear Power (BBP) was green, indicating buyer dominance, though their strength was small. Bullish action was supported by a rising On-Balance Volume (OBV), which was at 589 trillion.
Source: SHIB/USDT on TradingViewA break above the slanting resistance would impact the broader memecoin sector. This is because these major meme coins would also break out, resulting in a memecoin season.
Conversely, failure to obliterate the resistance would extend the downtrend or, rather, the ongoing consolidation.
The market structure, shifting social sentiment, and increase in network activity all pointed to an impending price action breakout.
Final Summary
- Shiba Inu’s addresses with a non-zero balance reached 1.585 million as social sentiment started to turn up.
- SHIB was testing the trendline, where a break would increase the chances of a memecoin season.
Source: https://ambcrypto.com/shiba-inu-signals-the-comeback-of-memecoin-season-heres-how/


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