Decoding SHIB’s performance in the wake of Shibarium’s beta launch

• Market indicators revealed the reasons behind SHIB’s underperformance
• SHIB’s metrics seem bullish, but the situation can get trickier for BONE

Shiba Inu [SHIB], one of the market’s prominent memecoins, noted some exponential growth in its burn rate recently. Especially as it hiked by over 2,400% in the last 24 hours, proving its deflationary characteristic to the community. 

Source: Shibburn

This milestone was reached just a few days after the launch of the much-awaited Shibarium. If that was not enough to create hype, SHIB also participated in the recently held SXSW event. In the event, SHIB highlighted its Metaverse, one where participants were able to have a look at SHIB the Metaverse closely.

Read Shiba Inu [SHIB] Price Prediction 2023-24

Was the hype enough?

Right after Shibarium was launched, the larger market sentiment turned bullish, which painted the charts of most of the cryptos green.

SHIB was not left behind and registered a price hike of nearly 2.5% over the last 24 hours. However, the figure might seem low to many as the community expects SHIB’s price to explode with Shibarium’s launch.

At press time, however, SHIB was trading at $0.00001052 with a market capitalization of over $5.7 billion. 

Bears can be blamed

A closer look at SHIB’s daily chart revealed a few factors that might have contributed to its underperformance. SHIB’s Money Flow Index (MFI), for instance, remained under the neutral zone for quite some time now.

The MACD also revealed a bearish advantage in the market, fueling a slugging performance. However, it is interesting to note that SHIB’s Chaikin Money Flow (CMF) registered a sharp uptick. This pointed to a price surge over the next few days.

Source: TradingView

SHIB can witnessed increased buying pressure

Moreover, quite a few metrics looked strongly bullish for Shiba Inu. For instance, CryptoQuant’s data revealed that SHIB’s exchange reserve has been declining, suggesting low selling pressure.

SHIB’s MVRV Ratio rose considerably too – Another bullish finding. Interestingly, SHIB’s supply outside of exchanges increased slightly, while supply on exchanges decreased. This is a typical bull signal too, suggesting a further price hike.

Source: Santiment

How much are 1,10,100 SHIBs worth today

BONE was left behind

Bone ShibaSwap [BONE], on the other hand, did not seem to have benefited from the situation as its price went down. BONE’s price declined by more than 5% in the last 24 hours and at press time, it was trading at $1.46.

Thanks to the downtrend, BONE’s MVRV Ratio also plummeted significantly. Network growth too suffered. Furthermore, BONE’s exchange inflows spiked over the last few days. This can push the token’s price further down in the coming days.

Source: Santiment