With a gain of more than 23% over the previous seven days, Shiba Inu (SHIB) has shot to the top of the weekly price leaderboard.
The meme coin is currently trading at $0.00000990 (at the time of writing) from a low of $0.00000750 on August 4, per data from TradingView.
SHIB weekly price action. Source: Trading View.
Approximately 23.89% separates the two prices, making SHIB the second-largest weekly gainer behind Rollbit Coin (RLB), which experienced a tremendous 74.9% price increase over the time. SHIB, however, excelled among coins with a market capitalization exceeding $1 billion.
However, given the nature of some underlying factors, some analysts believe Shiba Inu’s recent success may come to an end. They have noted, for instance, that SHIB’s Relative Strength Index (RSI) is currently indicating that the meme coin is approaching the overbought zone, which may be a sign of an impending market downturn.
Shiba Inu’s Market Value to Realized Value ratio (MVRV) is also close to 15%, which some people consider to be a “danger zone” that, if crossed, could cause a decline in price.
The Battle of Supremacy Between SHIB and X
Shiba Inu’s chief developer, Shytoshi Kusama, has announced a meme competition that pokes fun at X, formerly known as Twitter, as the community prepares for the Blockchain Futurist Conference, which will take place in Toronto later this month. Owner of X, Elon Musk is rumored to favor Dogecoin (DOGE), a competing meme currency.
SHIB users must produce memes for the competition that demonstrate why SHIB.io, the company’s official website, is superior to X. The top meme maker will be awarded $250 worth of BONE tokens as well as a grab bag filled with goodies, including a hoodie with the Shibacals logo.
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