Shiba Inu has shown signs of potential recovery as weary investors may resume accumulating the memecoin, leading to a possible breakthrough of its consolidation zone. The Market Value to Realized Value (MVRV) ratio indicates opportunities for accumulation when it ranges between -8% and -18%.

The current 30-day MVRV for Shiba Inu stands at -17%, suggesting a chance for buying pressure. Investors holding billions of dollars in profit are waiting for a trigger, with a substantial amount of SHIB purchased between $0.00001700 and $0.00001900. To become profitable once more, a significant price surge is essential to incentivize further accumulation.

Shiba Inu's recent price drop to $0.00001696, representing a 40% decrease in June, has prompted investors to strategize for a potential reclaim of lost gains. By surpassing the $0.00002093 resistance level, the memecoin could re-enter consolidation and aim for higher bounds. Should the resistance break fail, consolidation might occur between the resistance level and the $0.00001473 support, challenging the bullish outlook. The approval of Ethereum ETF applications could serve as a catalyst for Shiba Inu's project growth.