Impact of Shibarium Public Beta launch on SHIB's performance
Shiba Inu is one of the most famous meme coins that has been performing well ever since. Recently they initiated the launch of Shibarium Public Beta which had a great impact on Shib’s overall performance.
The meme coin experienced a significant increase in the burn rate, which indicates that more SHIB tokens are taken out of circulation. In fact, the burn rate surged by 2400% overnight. Which shows the deflationary nature of the community.
The launch was highly anticipated – Shibarium – played a significant role, for SHIB in achieving this milestone. In addition, SHIB participated in the SXSW event. There they showcased their Metaverse, a virtual world where participants could get a closer look at the SHIB token. This ultimately carried a wave of excitement and interest in the SHIB community.
The launch of Shibarium created a bullish sentiment amongst the community as it raised SHIB’s price. Not only that all the other cryptocurrencies’ prices went up as well.
SHIB itself increased in value by almost 2.5% overnight. However, to some, this increase still may not be enough. As the community was expecting an even larger price hike. Currently, SHIB is trading at a price of $0.00001052 with a market value of over $5.7 billion.
The MFI of SHIB has remained under the neutral zone for some time, indicating that the buying pressure is weak and the selling pressure is strong. Moreover, the MACD shows a bearish trend which indicates that the momentum is currently in the favor of sellers. This could be the reason why the price increase was not as much as expected.
Building more Bullish sentiment
However, it’s worth noting that SHIB’s Chaikin Money Flow (CMF) has recently shown a significant increase, indicating the possibility of a price surge in the coming days.
There were still many Bullish signals, For instance, the data from CryptoQuant revealed a decline in the selling pressure. Another positive indicator for SHIB is the considerable rise in its MVRV Ratio. Additionally, it’s worth noting that the supply of SHIB held outside of exchanges increased slightly, while the supply on exchanges decreased. This is a typical indicator of Bullish sentiment and a further hike in price.
BONE does not seem to be benefitting from this.
On the contrary, the Native token of Bone SHibaSwap, BONE did not seem to enjoy any benefits from this launch. As its price only went down by 5% since.
The downtrend indicates a substantial decrease in the MVRV, this had a negative impact on the network growth. Additionally, there has been a recent increase in the amount of BONE tokens being transferred into exchanges, which could potentially lead to further decreases in the token’s price in the near future.
