Shiba Inu (SHIB) could be about to experience another bull rally, according to analysts at cypto site LunarCrush.

The analytics company has via social media shared several important developments within the Shiba Inu network, which could potentially have a positive impact on the price of this popular meme coin.

The price performance of Shiba Inu

Over the past month, the price of Shiba Inu (SHIB) has shown a downward trend, a development that is not entirely surprising after the explosive price increase that the altcoin experienced in February and early March. During this period, the memecoin rose from $0.000009 to a local peak of $0.000044, an impressive increase of as much as 390% in just a few weeks.

Since then, the coin’s value has fallen to its current price of $0.000026, representing a decline of approximately 41% from its peak. In the last 24 hours, the price of Shiba Inu has fallen even further by 0.3%. Analysts now believe that the correction is mainly over and the altcoin is ready to embark on a new rally.

Shiba Inu ready for new rally

According to LunarCrush, several metrics on the Shiba Inu network are sending bullish signals. The analytics platform notes a significant increase in social activity; an increasing number of users on social media platforms are following and discussing SHIB-related topics. This indicates growing public adoption, possibly leading to an increase in the SHIB rate.

LunarCrush also points to an increase in price movements and market volume, suggesting a growing number of investors are trading the coin. This contrasts with our observations; we are seeing a decline in trading volume. Data from Coincodex shows that volume has decreased in recent days from $1.78 billion on March 27 to a current value of $703 million on April 4.

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