New Shibarium update is here- Will Shiba Inu [SHIB] benefit from this? 

• Shiba Inu has started to accept intake forms for its Shibarium. 
• SHIB’s price went up but BONE did not react accordingly. 

A piece of important news related to the Shiba Inu’s [SHIB] much-awaited Shibarium was released recently, which once again initiated excitement across the entire crypto space.

As per the latest announcement, Shiba Inu has started to accept intake forms for its Shibarium. 

This intake system will allow the developers to find the best projects and it will link one developer with the other who can help or assist.

However, it should be noted that it’s not necessary to fill out the intake form to build for Shibarium. Reportedly, the team will begin releasing documents, updating the Wiki, and releasing the beta as soon as possible.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

The response of SHIB and BONE

Soon after this announcement, SHIB’s price reacted positively as it registered gains in the last 24 hours. As per CoinMarketCap, it increased by more than 2%, and at the time of writing, it was trading at $0.00001277 with a market capitalization of over $7 billion.

It was interesting to note that despite SHIB‘s price uptick, BONE, which has been on a gaining spree over the last few days and even entered the top 100 club, did not manage to paint its daily chart green.

While SHIB’s price registered a slight surge, a major sell-off took place, which had the potential to push SHIB’s value down in the coming days.

Lookonchain revealed that an address transferred 128 billion SHIB, which is worth $2.3 million, to Crypto.com and Gemini. This was a bearish development, as historically whenever this address transferred SHIB, the price went down. 

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Will Shibarium hype be enough to save SHIB?

Considering the past episode as revealed by Lookonchain, the possibility of a trend reversal cannot be ruled out. Therefore, checking SHIB’s on-chain metrics provided a better understanding of the direction in which the market was headed.

As per CryptoQuant, SHIB’s exchange reserve was decreasing, which is a positive signal as it indicated less selling pressure. Active addresses also increased, suggesting more users on the network.

SHIB’s network growth remained relatively high, which too indicated that the meme token was not under selling pressure. Thanks to the recent price gains, SHIB’s MVRV Ratio registered a slight uptick, which was bullish.

In addition to that, the market’s overall sentiment around SHIB drastically shifted to the positive side, reflecting the crypto community’s confidence in SHIB.

On the other hand, SHIB’s exchange inflow increased considerably in the last few days, which was a bearish signal, suggesting that there was a possibility of a price decline. 

Source: Santiment