Hard days ahead for Shiba Inu? Maybe, if you consider…
- Shibarium’s daily transactions and total transactions gained upward momentum.
- SHIB’s on-chain metrics and market indicators remained bearish.
Shiba Inu’s [SHIB] much-talked-about Shibarium recently reached a new milestone, reflecting increased usage. While this happened, SHIB continued to drift off the top crypto list as its market capitalization declined sharply last week.
Realistic or not, here’s SHIB’s market cap in BTC terms
Shibarium growth looks optimistic
Shibarium’s total number of transactions recently crossed the 25 million mark. And as per Shibarium explorer Puppyscan, the total wallets were also about to reach 17 million. The data further revealed that Shibarium’s daily transactions gained upward momentum since 12 June 2023, with an average block time of 8.1 seconds.
Additionally, development around Shibarium was also high, as evident from NOWNodes’ tweet.
SHIB suffers massive losses
Though Shibarium was growing, SHIB’s performance was concerning, as the possibility of the memecoin sliding off the top 20 list seemed high. As per CoinMarketCap, SHIB’s price declined by more than 11% in the last seven days. At press time, it was trading at $0.000007257 with a market cap of over $4.2 billion, making it the 18th largest crypto.
Investor interest in trading the memecoin was also declining, as evident from its reduced volume. Shiba Inu’s MVRV Ratio was also down substantially, which was a bearish signal. As per CryptoQuant, SHIB’s net deposits on exchanges were high compared to the last seven days, suggesting that it was under selling pressure.
Shiba Inu’s daily chart also gave a bearish notion. This was the case as SHIB’s Money Flow Index (MFI) registered a decline over the last few days.
Not only that, but the Exponential Moving Average (EMA) Ribbon was in the sellers’ favor as the 20-day EMA continued to remain under the 55-day EMA. However, SHIB’s Chaikin Money Flow (CMF) provided a much-needed hope by increasing slightly.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
BONE goes on a different trajectory
At the time of writing, BONE was trading at $0.9048 with a market cap of over $208 million.