Shiba Inu decouples from the market; Is this catalyst why?
- SHIB’s market indicators and on-chain metrics revealed what was working in its favor.
- Shibarium’s hype was also responsible for turning things bullish.
Shiba Inu [SHIB] has decoupled from the crypto market, as its daily and weekly charts were painted green. Unlike most cryptos, SHIB managed to push its price up in a bearish market. A catalyst for this growth could be the upcoming ETH Toronto event, which will include announcements regarding its much-hyped Shibarium.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
Shiba Inu’s graph is on fire
While most of the crypto market remained under the bears’ influence, Shiba Inu decoupled. As per CoinMarketCap, SHIB’s price rose by more than 5% and 10% in the last 24 hours and the past week, respectively.
At the time of writing, it was trading at $0.000008651 with a market capitalization of over $5.1 billion, making it the 14th largest crypto.
Along with the price, SHIB’s 24-hour trading volume also shot up by 34%, which was bullish. A look at SHIB’s daily chart gave a better understanding of what supported this surge.
The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover a few days ago. Moreover, Shiba Inu’s Relative Strength Index (RSI) gained upward momentum.
SHIB’s Chaikin Money Flow (CMF) also spiked and went above the neutral mark.
Shiba Inu remain whales’ favorite
Interestingly, whale activity around SHIB also increased, as evident from the spike in its whale transaction count. Moreover, Whalestats’ data revealed that the memecoin was also the top traded token among the top 100 Ethereum whales in the last 24 hours.
Thanks to the price uptick, the memecoin’s MVRV Ratio also increased. However, it was surprising to see a dip in SHIB’s social volume, considering its immense popularity. The metric registered a dip over the last few days.
Therefore, there is a possibility of SHIB’s price action turning bearish in the coming days.
While SHIB enjoyed price gains, BONE ShibaSwap [BONE] also had its share of price upticks. Notably, BONE outperformed SHIB on the weekly chart. CoinMarketCap’s data further pointed out that BONE was up by more than 23% over the last week. At press time, it was valued at $1.65 with a market cap of over $379 million.
The Shibarium hype
Though SHIB’s latest uptrend can be attributed to bullish market indicators and metrics, due credit should also be given to the upcoming event. On 15 and 16 August, the Ethereum Toronto event will take place, where major announcements are expected to be made for Shibarium.
As the event date draws closer, Shiba Inu’s marketing team is leaving no stone unturned in building up the hype. LUCIE recently posted a tweet highlighting Shibarium’s aim and how the blockchain plans to integrate Self-Sovereign Identity (SSI) into its protocols.
Here's a concise explanation of $SHIB plan to integrate Self-Sovereign Identity (SSI) into its protocols:
– The integration of SSI is aimed at enhancing the security of the Shibarium
– With SSI, users will have more control over their digital identities, allowing them to… pic.twitter.com/Ec57uws3yu
— ????? | Summer of Shibarium (@LucieSHIB) August 3, 2023
How much are 1,10,100 SHIBs worth today?
As per the tweet, the integration of SSI is aimed at enhancing the security of the Shibarium. Users will have more control over their digital identities thanks to SSI, which enables them to securely manage and share their personal data.
As the hype continues to grow, it will be interesting to see how SHIB and other tokens in its ecosystem react over the days to follow.