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SHIB overtakes PEPE, raises hopes of rally, but investors should not celebrate yet

2min Read

Shina Inu becomes the top crypto in terms of trending searches on LunarCrush. SHIB’s on-chain metrics were encouraging, but market indicators remained bearish. 

SHIB overtakes PEPE, raises hopes of rally, but investors should not celebrate yet

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  • SHIB remained the top traded token among the 100 biggest ETH whales. 
  • SHIB’s RSI was oversold, but MFI and the EMA Ribbon looked bearish. 

Shiba Inu [SHIB] once again came ahead of others by topping the list of cryptos by trending searches. SHIB even outperformed the memecoin that has made massive ripples in the community, Pepe [PEPE]. Is this the first sign of SHIB getting ready for a price pump in the coming days?


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


Shiba Inu remains whales’ favorite 

Shiba Inu has been a top choice for whales for quite some time. This time too, the trend remained the same, as SHIB was the most traded token among the top 100 Ethereum [ETH] whales in the last 24 hours. 

Source: Whalestats

SHIB’s burn rate also registered a massive spike over the last day. As per Shibburn, the memecoin’s burn rate increased by more than 20,000%. In the past 24 hours alone, there have been a total of 3,034,309,519 SHIB tokens burned, alongside two transactions.

 

Last week was not the best for investors, as SHIB’s price moved marginally. According to CoinMarketCap, SHIB’s price declined by 0.38% in the last seven days.

At the time of writing, it was trading at $0.000008798 with a market capitalization of over $5.1 billion. However, the coming days might bring better news, as according to CryptoQuant, a few metrics turned bullish. 

Is a trend reversal around the corner?

Shiba Inu’s net deposits on exchanges were low compared to the last seven days. This was bullish, as it suggested that the memecoin was not under selling pressure. Active addresses were also high, indicating more usage.

Moreover, SHIB’s Relative Strength Index (RSI) was in an oversold position. This was bullish, as it can increase buying pressure, which could pump up SHIB’s price. 

Source: CryptoQuant

Santiment’s chart revealed that SHIB’s MVRV Ratio also improved slightly over the last few days. However, negative sentiments around the memecoin were dominant in the market, as evident from the dip in its weighted sentiment. 

Source: Santiment


Realistic or not, here’s SHIB market cap in BTC’s terms  


There is more meat to the story

While the metrics looked bullish, the same can’t be said for Shiba Inu’s market indicators. The Exponential Moving Average (EMA) Ribbon revealed a bearish upper hand in the market as the 20-day EMA was well below the 55-day EMA. SHIB’s Money Flow Index (MFI) also registered a downtick.

Nonetheless, its Chaikin Money Flow (CMF) was resting high, which is an update in the buyers’ favor.

Source: TradingView

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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