Shiba Inu (SHIB) price hit a local low of $0.0000085 on Friday, May 12. By Monday morning, the third largest memecoin by market capitalization had gained 5% to end a seven-day losing streak. The recent positive turn in critical on-chain indicators could lead investors to make bullish SHIB price predictions.
The global memecoin market has been in a downtrend recently, with large market capitalization projects like PEPE and DOGE experiencing double-digit losses.
But, with unrealized losses approaching critical levels, Shiba Inu’s long-term investors appear to be holding out for more price gains before selling.
Will the bullish SHIB price prediction be validated despite the ongoing memecoin market meltdown?
The Shiba Inu team has recently shared a few partnership announcements and product updates. However, on-chain data suggests that the media reactions did not particularly fuel the recent 5% SHIB price gain.
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