Shiba Inu Cements Its Long-Term Bullish Trend With A 5-Week Winning Streak

Meme coin Shiba Inu (CRYPTO: SHIB) has closed its fifth week in a clear long-term uptrend swing after showing staggering growth over the past year.

What Happened: A speculative frenzy pushed Shiba Inu's price higher for the fifth week in a row as the number of investors who bought the coin within 20% of the all-time high price climbed sixfold to a record 116,560 in the eight days to Nov. 2, according to a Monday Coindesk report. Those addresses that acquired SHIB so near its all-time high now amount to 12% of the total count of non-zero addresses.

See Also: SHIBA INU PRICE PREDICTION

So many people buying near the all-time high indicated a high degree of the so-called "fear of missing out" on potential gains, which also suggests a significant number of people believe that the coin is headed even higher. The report follows a recent analysis that an investment in Shiba Inu of just $1,000 — if made one year ago — would be enough to bring a person nearly three-quarters of the way to becoming a billionaire. OKEx Insights Senior Editor Hunain Naseer recently told Benzinga during an exclusive interview that SHIB overtook Dogecoin's (CRYPTO: DOGE) October trading volume by 43% as it "has captured retail interest in a big way in the last couple of weeks."

SHIB Price Action: Monday afternoon at publication, Shiba Inu is trading at $0.00005579 after seeing its price decrease by about 2.42% over the last 24 hours, according to CoinMarketCap data.

Image by Leandro De Carvalho from Pixabay