While larger coins are offering decent market gains, the meme coin craze has undoubtedly taken center stage. Reason, shiba inu were the earnings offered by meme coins like For example, the price of Shiba rose 1130% in less than a month. In fact, in the last quarter, Shiba gave its HODLers a return on investment of close to 631.73%.
The key question here is: Could the 11th-rank Marconi, which originally debuted as a DOGE killer, make a good addition to your portfolio?
In the last three months, SHIB has been among the top ten coins by market cap. However, SHIB’s ranking soon fell as the larger market gained momentum. Surprisingly, the entity still ranks 11th and seems to be working on its use cases as well.
On the other hand, Bitcoin and Ethereum are making new ATHs by dominating the larger market with their bullish trajectories. So, does it still make sense to have SHIB in your portfolio?
Many thought SHIB would be a one-time hit. The coin’s market cap dominance seems to fit this narrative pretty well. Additionally, as surprising as it may sound, Ethereum whales seem to be turning their profits into SHIB. Specifically, on November 8, ETH whale “Gimli” bought 31,343,807,428 SHIB worth almost $1,729,551.
Additionally, the total number of Shiba Inu owners has been increasing over the past two months. In fact, the number has now crossed 930,000. Reportedly, a Shiba Inu whale added $1.15 billion worth of SHIB to a wallet during its BTC and ETH bull run. As a result, this move has made investors bullish on the meme coin.
From a historical perspective, the accumulation of whales has fueled a bullish narrative for the SHIB price. But do on-chain metrics tell a similar story?
On-chain metrics doing well
Recently, social volumes skyrocketed after AMC Entertainment announced that they were exploring ways to accept SHIB payments in their theaters. Right now, SHIB could explode once again if AMC’s plan is implemented.
Additionally, the supply of SHIB on exchanges is still in a downtrend as the accumulation trend continues.
The aforementioned trend highlights how high the belief in HODL for SHIB is still. Also, active addresses are in good shape despite SHIB’s recent consolidation. Although active addresses have dropped from the peak level of 100,000 to 23,000, it is still at a good level.
Overall, it looks like this meme coin is here to stay, as the Shiba holds its rank pretty well.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.