- SHIB’s price declined by over 3% in the last seven days.
- MFI and CMF were bullish, but the EMA Ribbon continued to support the bears.
Shiba Inu’s [SHIB] layer-2 blockchain Shibarium Beta came into the spotlight by reaching yet another new milestone. Though the achievements marked increased adoption of the beta release, SHIB did not have an apt reaction.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
Shibarium’s achievement and Shiba Inu’s response
On 21 May, Twitter handle LUCIE showed that Shibarium’s daily transactions witnessed a surge, processing 400,000 daily transactions at press time. This major achievement reflected how Shibarium’s adoption and usage increased since its advent a few months ago.
☝🏼 #ShibariumBeta crossed 10 million transactions
☝🏼 400k per day
☝🏼 $BONE future is bright pic.twitter.com/guRmo2iozz
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 21, 2023
While this episode happened, SHIB’s popularity went up, as evident from the rise in its social volume. Not only that, but market sentiment around SHIB also turned better as its weighted sentiment improved compared to the last week. However, SHIB’s reaction on the price front was not appropriate.
According to CoinMarketCap, SHIB’s price has declined by 3% in the last seven days. At the time of writing, SHIB was trading at $0.000008623, with a market capitalization of over $5 billion.
Source: Santiment
The metrics were bullish
It was surprising to note that, though SHIB’s price chart was painted red, most of the on-chain metrics were in the buyers’ favor. For example, SHIB’s exchange reserve was low. This signified that the memecoin was not under selling pressure.
Active addresses also remained high, reflecting a stable number of wallets. As per Santiment, SHIB’s network growth was high, and so was its velocity. Thus, new addresses were created, and the token was used in transactions more often within a set time frame. In addition to that, Shiba Inu’s MVRV Ratio also went up, which is typically a bullish signal.
Source: Santiment
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Investors can look forward to this
It was interesting that not only the metrics but multiple market indicators were also bullish. Therefore, the possibility of a price uptick in the coming days can’t be ruled out.
SHIB’s Chaikin Money Flow (CMF) registered an uptick. The Money Flow Index (RSI) bounced back after touching the oversold zone and was headed towards the neutral mark, which is bullish. Nonetheless, SHIB’s Exponential Moving Average (EMA) Ribbon remained bearish as the 20-day EMA was below the 55-day EMA.
Source: TradingView
