- SHIB’s RSI and MFI were both in oversold positions, and CMF registered an uptick.
- Exchange outflow spiked, but the MVRV ratio still looked concerning.
Shiba Inu [SHIB] registered a double-digit price decline last week, which had a significant impact on its market capitalization. Though the market still faced heat from the bears, a few developments hinted at a trend reversal.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
Accumulation increases
Lookonchain’s data revealed that, amidst the price decline, a whale bought SHIB. The largest holder of SHIB accumulated 1.5 trillion meme coins, worth over $10 million, from Binance and Coinbase. At press time, the address held more than 5 trillion SHIB.
The largest holder of $SHIB accumulated 1.5T $SHIB ($10M) from #Binance and #Coinbase again 4 hrs ago.
Address”0x40B3″ holds 5.3T $SHIB($35.5M), and transferred 20T $SHIB($134.4M) to address “0x73AF” on May 16.
The whale is the largest holder of $SHIB excluding exchanges. pic.twitter.com/irMR39mfwE
— Lookonchain (@lookonchain) June 13, 2023
Not only that, but Whalestats data revealed that SHIB remained the most popular crypto among the whales. SHIB was the most traded token among the top 100 Ethereum whales in the last 24 hours.
Soon after the purchase, SHIB’s price registered an uptick as it increased by more than 2% in the last 24 hours. According to CoinMarketCap, at the time of writing, it was trading at $0.00000673 with a market cap of over $3 billion, making it the 18th largest crypto.
Shiba Inu investors can expect…
Though the price hike looked promising, it might not last long. The price increase was accompanied by an over 20% decline in trading volume, which is a bearish divergence. SHIB’s Exponential Moving Average (EMA) Ribbon also revealed that the bears were leading the market at press time.
Source: TradingView
However, its Relative Strength Index (RSI) was in an oversold zone, which can increase buying pressure. SHIB’s Money Flow Index (MFI) also followed the RSI and was resting in the oversold zone.
However, Shiba Inu’s Chaikin Money Flow registered an uptick. Therefore, the possibility of a further uptrend could not be ruled out.
Shibarium hype may play a role
Amidst this chaos, LUCIE, a Twitter account that posts updates related to the Shiba Inu ecosystem, hinted at Shibarium’s mainnet launch. As per the tweet, the Shibarium launch will happen when market conditions get better.
Another day, another battle.
Crypto will win because it represents the people. It’s a battle against corruption, manipulation and it’s fight for financial freedom.
Not every coin will survive this battle ( be careful what you choose, but the Shiba Ecosystem will not only… pic.twitter.com/zdB7Z3Ji0N
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 10, 2023
How much are 1,10,100 XRPs worth today?
What the metrics suggest
SHIB’s exchange outflow spiked twice, which is generally a bullish sign. Additionally, its exchange reserve was also declining, suggesting that the memecoin was not under selling pressure.
Shiba Inu ecosystem’s network activity was high, as evident from the rise in its network growth. However, its MVRV Ratio looked concerning, as it was substantially low. SHIB’s 1-day price volatility also plummeted, minimizing the chances of an uptrend.
Source: Santiment
