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Shiba Inu emerges as the leader in the crypto world, topping the list of cryptocurrencies by trend searches. It even outshined the meme token that has recently taken the market by storm – PEPE. Should we consider this as an indicator of upcoming SHIB price surges?
SHIB still whale’s darling
SHIB has been the Whale’s favorite for a while. The trend has persisted as the altcoin remained the most traded coin by the leading 100 ETH whales over the past 24 hours. Moreover, Shiba Inu’s burn rate recorded an enormous uptick within the previous day. Shibburn indicated that the asset’s burn rate skyrocketed by over 20,000%. 3,034,309,519 Shiba Inu tokens burned, along with two transactions, over the last 24 hours.
Investors had less to enjoy as Shiba Inu exhibited marginal price movements last week. Coinmarketcap data shows the Dogecoin competitor lost 0.38% over the past seven days. SHIB traded at $0.000008798 during this publication, with a $1.5B market cap. Nonetheless, upcoming sessions may bring positive news, as some indicators turned bullish.
An imminent trend reversal?
Shiba Inu exhibited low deposits on exchanges compared to last week. That’s optimistic as it showed the token wasn’t under bearish pressure. Also, active addresses remained high, suggesting more usage. Further, Shiba Inu’s RSI exhibited oversold conditions.
That represented bullishness as it might magnify buying momentum, consequently pumping SHIB’s price. Santiment confirmed slight improvements in the alt’s MVRV Ratio. Nonetheless, negative sensations surrounded SHIB, considering the declined weighted sentiment.
There’s more than meets the eye
While Shiba Inu exhibited bullish metrics, market indicators suggest otherwise. The EMA (Exponential Moving Average) Ribbon showed bearish dominance, with the 20d EMA staying well beneath the 55d EMA. Also, the altcoin’s MFI (Money Flow Index) recorded a dip.
Nonetheless, the CMF (Chaikin Money Flow rested high, showing buyer favoritism. Also, the token experiences development that will likely trigger optimism. For instance, a renowned exchange, Tarmex, has revealed the listing of Shiba Inu’s BABYDOGE and BONE.
On the other side, PEPE loses its momentum as the craze wanes. Despite the massive buzz and excitement surrounding PEPE, the latest meme coin’s peak performance remains low compared to the remarkable heights that SHIB and DOGE attained.
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