SHIB On the Rise: Undervalued Token Could See Further Price Increases

• Shiba Inu (SHIB) has seen a 37.06% increase in value in the last 30 days, despite being 86.58% down from its All-Time High (ATH).
• On-chain data suggests that SHIB is still undervalued, with its Market Value to Realized Value (MVRV) z-score at -1.859.
• Technical indicators such as the Exponential Moving Average (EMA) and Chaikin Money Flow (CMF) are in positive territory, suggesting that SHIB could sustain its current price increase.

Shiba Inu (SHIB) has been one of the more volatile tokens in the crypto space. After having an abysmal performance in 2022, the token has seen a 37.06% increase in value in the last 30 days. Despite this uptick, SHIB remains 86.58% down from its All-Time High (ATH). In the last 365 days, the token has seen a 57.96% decline.

Although the current price increase is encouraging, many experts believe that SHIB is still undervalued. On-chain analytic platform Santiment has assessed the deviation between the market and realized cap for the token, and the results suggest that SHIB is undervalued. Its Market Value to Realized Value (MVRV) z-score currently sits at -1.859.

Technical indicators such as the Exponential Moving Average (EMA) and Chaikin Money Flow (CMF) also suggest that SHIB could sustain its current price increase. At the time of writing, the 20 EMA (blue) is above the 50 EMA (yellow), and the 200 EMA (purple) is positioned over the 20 and 50 EMAs. The CMF value is currently at 0.07, which, although lower than the previous day, still signals that SHIB’s underlying momentum is positive.

Moreover, Ethereum whales have been buying and holding SHIB, suggesting that the memecoin could be a long-term play. This is further supported by the token’s on-chain data, which shows that SHIB is still undervalued and could see further price increases in the future.

So, for those looking to invest in SHIB, now may be a good time to do so. Although the token has seen a significant increase in value in the past few weeks, it is still far from its ATH, and its current price is closer to the bottom than it is hitting the top. Thus, it could be an ideal time to invest in SHIB for the long run.