In summary

• Shiba Inu ended May 2023 with a loss of 14% because it was competing with new memecoins like PEPE, which managed to gain a larger market share.
• After the send off of new item includes, SHIB has been drawing in new interest lately.
• The bullish merchants are battling to push the cost past the obstruction level of 0.0000085, showing areas of strength for a tension as of now.

The Shiba Inu (INU) price performed poorly in May 2023. SHIB has been attracting new demand in recent weeks, according to on-chain data. Might this at some point convert into critical cost gains for SHIB?

Financial backers are again changing consideration regarding Shiba Inu (SHIB) as of late. After SHIB lost a lot of market share to memecoins like DOGELON Mars and PEPE at the beginning of May, this is a good thing. The recent Shiba Inu cold wallet launch seems to have revived the growth of the SHIB network. How might this affect the price over the next few days?

Shiba Inu is Attracting New Users

Prior to the launch of the cold wallet on May 29, Shiba Inu observed an increase in network growth. The SHIB network is still attracting new users nearly a week later.

Shiba Inu Network Growth reached 2,538 new addresses on May 26. What’s more, from that point forward, it has kept a normal of 1,500 new addresses made everyday.

This represents a 71% increase in the new-user acquisition rate compared to the figures recorded on May 21.

By adding up the number of wallet addresses that are created each day, Network Growth calculates the rate at which a blockchain network attracts new users.

A bullish sign is when new users flock to a network, indicating that the project is expanding its market share. Investors are shifting their focus to SHIB and other resilient meme tokens in light of the fact that PEPE and other memecoins that made waves in May are now losing traction.

If this trend endures, it is only a matter of time before the SHIB price breaks above the $0.000009 resistance.

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SHIB Is Attracting New Demand

The order books of exchanges indicate that the Shiba Inu has been attracting new demand in recent weeks, which further supports the optimistic outlook.

The total number of buy/sell orders placed by SHIB holders across a variety of cryptocurrency exchanges is depicted in the Exchange on-chain Market depth chart.

1.1 trillion SHIB tokens have been ordered by SHIB holders at the moment. In the meantime, only one trillion tokens have been offered for sale by sellers.

Rivalry increments when request surpasses the inventory accessible on trades, coming down on the cost. There is currently a shortage of one billion SHIB in supply. As a result, the cost of Shiba Inu puppies is likely to rise as more people compete for them.

In conclusion, additional price increases may soon be triggered by the shortage of supply and rise in network users.

SHIB Price Prediction: Bulls Targetting $0.000011

SHIB is likely to reach $0.000011 in the coming weeks, given the current positive market sentiment. However, in accordance with IntoTheBlock’s Exchange On-chain Market Depth, holders of SHIB need to overcome the $0.000009 resistance before they can be sure of the bullish reversal.

42,540 investors who purchased 8.06 trillion SHIB at an all-time high price of $0.000009 could halt the rally in that area. However, the SHIB price is likely to rise toward $0.000011 if the bullish scenario holds true.

Still, Shiba Inu could slip into a bearish trend if the price drops below the $0.000008 support zone. But the buy-wall mounted by 42,540 investors that bought 8.03 trillion SHIB at the minimum price of $0.000008 will likely prevent the drop.

Although unlikely, if that support zone cannot hold, SHIB price could drop further toward $0.0000075.