The meme coin is currently trading at $0.00000980 from a low of $0.00000791 on August 4, per data from TradingView.
The difference between the two prices is approximately 23.89%, making SHIB the second biggest weekly gainer after Rollbit Coin (RLB), which recorded a massive 74.9% price jump in the period. However, SHIB was the best performer among coins with market caps over $1 billion.
However, some analysts predict that Shiba Inu’s good run could fizzle out, given the nature of specific underlying indicators. For instance, they have pointed out that SHIB’s Relative Strength Index (RSI) currently points towards the meme coin hitting the overbought zone, which could be a precursor to potential market corrections.
Furthermore, Shiba Inu’s Market Value to Realized Value ratio (MVRV) is hovering around the 15% threshold, which many consider a “danger zone,” which, if passed, could lead to a drop in price.
As the community gears up for the Blockchain Futurist Conference to be held in Toronto later in the month, Shiba Inu’s lead developer, Shytoshi Kusama, has announced a meme contest taking a playful dig at X, formerly known as Twitter. X owner Elon Musk is known to support rival meme coin Dogecoin (DOGE).
The contest requires SHIB users to create memes showing that Shiba Inu’s official website, SHIB.io, is better than X. The best meme creator will receive BONE tokens worth $250 and a grab bag full of treats, including a branded hoodie from Shibacals.
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