Altcoin
Hard days ahead for Shiba Inu? Maybe, if you consider…
The total number of transactions on Shibarium just crossed the 25 million mark. However, SHIB investors had reasons for concern.
- 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.
Source: Puppyscan
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.
Source: Santiment
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
Surprisingly, while SHIB’s weekly chart was painted red, Bone ShibaSwap [BONE] was acting differently. As per CoinMarketCap, BONE’s price increased by nearly 10% in the last seven days.
At the time of writing, BONE was trading at $0.9048 with a market cap of over $208 million.
Source: CoinMarketCap
