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SHIB’s MVRV Ratio hit the lowest on 2023 in May
Social Volume and remained high, reflecting its popularity
Shiba Inu [SHIB] failed to begin 2023 on a happy note as its price dropped drastically, thanks to the crypto winter of 2023. Memecoins are often looked at as cryptocurrencies that don’t have a vision or plan for the future.
However, the same cannot be said about Shiba Inu [SHIB]. Despite the massive price decline of 2023, Shiba Inu managed to do its bit on the development front. These updates can be taken as proof that developers have a bigger goal for Shiba Inu in the long term.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24A year full of announcements
— Shib (@Shibtoken) April 24, 2023
The Shiba Inu Metaverse project was launched with the aim to utilize the whole Shiba Ecosystem. This included all tokens, including SHIB, LEASH, and BONE.
The official introduction mentioned,
“Shib: The Metaverse is the culmination of our history as a community, virtually displayed in a layer of beautiful visuals that showcase our innovation and unity with a place to truly call home.”
Additionally, in February, Shiba Inu launched its DOGGY DAO. Launching DOGGY DAO on ShibaSwap was a step towards achieving the goal of decentralization and activities that assert authority over particular areas. Furthermore, SHIB also took into account community voting rights.
#ShibArmy, we are happy to announce DOGGY DAO will be officially launched in the upcoming hours with our first phase DAO 1! 🐶 #DoggyDao brings community voting rights, while also accomplishing a closer path to our mission for decentralization.
— Shib (@Shibtoken) February 18, 2023
Apart from the Shiba Inu Metaverse, another important update in theShiba Inu ecosystem was the launch of the much-awaited Shibarium. Shibarium is a Layer-2 blockchain that is being developed to be launched on the Shiba Inu Ecosystem.
However, the launch that was expected in the last half of 2023, witnessed a delay and is now expected to see the light of day in 2023.
Love meeting with the team from @UnificationUND about #Shibarium. Aligning. Onboarding. Finalizing. Soon. Very soon.
— Shytoshi Kusama™ (@ShytoshiKusama) December 29, 2023
How many SHIBs can you get for 1?2023 from the metric POV
Shiba Inu managed to remain pretty popular among the whales in 2023. Though this indicated high confidence in SHIB, it was also a drawback. This was because whale accumulation indicated that SHIB’s price was at the mercy of the whales’.
Additionally, Santiment’s data cleared the air around SHIB’s overall performance in 2023 on the metric front. SHIB’s Market Value to Realized Value (MVRV) Ratio hit the lowest 2023 in mid-May.
This was then followed by a price plummet. It was, thus, no shock that SHIB’s social volume remained relatively high the entire year, as it is one of the most popular meme coins.
SHIB’s daily on-chain transactions in profit spiked three times last year. This was during the months of February, June, and October. However, there were no sudden movements on the chart during the rest of 2023.
The number of daily active addresses also followed a similar trend and spiked during the same months.Why 2023 could be a game changer for SHIB
While 2023 was not as promising for SHIB as investors might have expected, 2023 could change SHIB’s fate for good. With the launch of Shibarium expected in 2023, Shiba Inu could stand at top various charts as it will bring several new capabilities to the network.
Furthermore, the Shiba Inu ecosystem also plans on offering a better experience to the users. SHIB’s burn rate also remained pretty high over the last year.
The same was reflected when considering the token’s deflationary characteristics, increasing the possibility of a price surge in the long run because of less supply.
Furthermore, the Shiba Inu ecosystem also hinted at the launch of a new token on its ecosystem. The new token is expected to be named “TREAT” and will be another positive step towards its metaverse.
SHIB’s network growth and velocity also went up over the last few months. This could provide SHIB with a much-required push that the memecoin needs to initiate a bull rally in 2023.
You're reading With Shiba Inu Eyeing Major Milestones In 2023, Can Shib Leave 2023 Behind?
Shiba Inu reached a recent high of US$0.0000296 on March 28, instigating a long bull-run
The very idea of2023: A Historic Year for Shiba Inu
Since the ‘blockchain’ and ‘decentralized finance’ concepts hit mainstream adoption, the number of cryptocurrencies in the market surged drastically. Today, there are over 13,000 digital tokens in circulation, and every day, at least 50-100 new cryptocurrencies are entering the market. Amidst this increasing competition, Shiba managed to stand out in 2023. The Dogecoin competitor recorded a whopping 49,000,000 price rally in the last year. SHIB started 2023 at US$0.000000000073 and ended at US$0.000036. To put this in simple terms, even a US$1 Shiba Inu investment could make anybody a millionaire. The Dogecoin killer hoped for a massive bull run when a petition to include it on Robinhood gained more than 4,000,000 signatures. Eventually, it led to FOMO and more investors started pumping in massive amounts.Shiba Inu Price Analysis: Fighting the Resistance Level
Despite breaking the ice and recording an interim high, Shiba Inu is still facing a major resistance level at US$0.000028. Besides the one-time outperformance, SHIB couldn’t hold up above the resistance mark in the last few days. However, experts say that the one-time breach is a good sign and investors can expect a further price rally in the coming days. Remarkably, this Shiba rally in 2023 came as a big surprise to many crypto enthusiasts. Although SHIB didn’t disappoint the investors despite the bear takeover, the market was not expecting the beginning of the bull run in March. Shiba Inu has now managed to pair up some of the losses made this year and is already above its 20 and 50-day exponential moving averages. Still, it has to keep up the pace to break its temporary resistance level. But according to predictions, SHIB could record a 20% spike in the coming days.Other Factors Contributing to Growth
Shiba Inu has introduced ‘SHIB’, its metaverse initiative. In an effort to compete with Decentraland, the community has unleashed SHIB to form a perceived virtual reality environment. It is aimed to create ‘one of the strongest communities ever gathered in all of crypto’s history’.
The very idea of Shiba Inu evoking images of a cute Japanese breed puppy is long forgotten. In the fast-evolving financial ecosystem, SHIB literally means a rapidly-growing cryptocurrency that could make investors rich in the short span. At the time of writing, the Dogecoin competitor is being traded for US$0.00002777 with a market capitalization of US$15.23. Shiba Inu reached a recent high of US$0.0000296 on March 28, instigating a long bull-run in the coming days. While things seem positive for Shiba Inu in 2023 , experts add more glory to the cryptocurrency by saying that it could experience a 2023-like rally this year. 2023 was an eventful year for many cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Shiba Inu , etc. However, among the front-running tokens, SHIB scored big in the past year. Besides the long-term gains, the Dogecoin killer also recorded some whopping short-term profits that made investors go berserk. However, things have been dark for Shiba Inu in 2023. The cryptocurrency was fighting against the bearish trend that surmounted the whole market. Fortunately, Shiba Inu managed to break through the odds and recorded impressive growth in March. In the past week, it registered a 20% spike, according to CoinMarketCap data. On the other hand, ShibArmy is also trying its best to bring back SHIB into the spotlight. Constant burnings and newly-added features in the Shiba Inu ecosystem are expected to pump in more value this year. Therefore, investors are already staking up the Shiba Inu token before it could go on a 2023-like rally.Since the ‘blockchain’ and ‘decentralized finance’ concepts hit mainstream adoption, the number of cryptocurrencies in the market surged drastically. Today, there are over 13,000 digital tokens in circulation, and every day, at least 50-100 new cryptocurrencies are entering the market. Amidst this increasing competition, Shiba managed to stand out in 2023. The Dogecoin competitor recorded a whopping 49,000,000 price rally in the last year. SHIB started 2023 at US$0.000000000073 and ended at US$0.000036. To put this in simple terms, even a US$1 Shiba Inu investment could make anybody a millionaire. The Dogecoin killer hoped for a massive bull run when a petition to include it on Robinhood gained more than 4,000,000 signatures. Eventually, it led to FOMO and more investors started pumping in massive amounts.Despite breaking the ice and recording an interim high, Shiba Inu is still facing a major resistance level at US$0.000028. Besides the one-time outperformance, SHIB couldn’t hold up above the resistance mark in the last few days. However, experts say that the one-time breach is a good sign and investors can expect a further price rally in the coming days. Remarkably, this Shiba rally in 2023 came as a big surprise to many crypto enthusiasts. Although SHIB didn’t disappoint the investors despite the bear takeover, the market was not expecting the beginning of the bull run in March. Shiba Inu has now managed to pair up some of the losses made this year and is already above its 20 and 50-day exponential moving averages. Still, it has to keep up the pace to break its temporary resistance level. But according to predictions, SHIB could record a 20% spike in the coming days.Shiba Inu has introduced ‘SHIB’, its metaverse initiative. In an effort to compete with Decentraland, the community has unleashed SHIB to form a perceived virtual reality environment. It is aimed to create ‘one of the strongest communities ever gathered in all of crypto’s history’. Recently, Shiba Inu has made its debut in Netcoins, an online cryptocurrency brokerage that makes it easy to buy, sell, and hold cryptocurrencies in Canada. Besides, fashion brands including John Richmond have announced SHIB and LEASH burns to pump the value of the tokens. Anonymous whales are also purchasing Shiba Inu tokens in large numbers. On 30th March alone, over 621 billion SHIB have been secured by the top ETH whales.
Many thought that Dogecoin was a one-off – until meme-coin Shiba Inu exploded in price last year.
Ethereum co-founder set the course of Shiba Inu when he burned 41.02% of supply in May 2023. The Shiba Inu price went from $0.0000008 to $0.000035 in the space of a month. That’s a 4,275% return in the space of a month.
If you owned just $100 of Shiba Inu (SHIB) in April 2023, by mid-may your portfolio would be worth $4,375. By the all-time high of $0.00008 your $100 SHIB investment would have sold for $10,000.
It’s no surprise Shiba Inu gave the best ROI last year. In fact, if you’d bought $100 right at the beginning of 2023, you’d have become a millionaire by the end of the year.
But is Shiba Inu still a good buy in July 2023?
TL;DR – Shiba Inu accumulation is gathering huge momentum, but you need to be aware of the risks.The Rise of Shiba Inu
Shiba Inu launched in August 2023 by an anonymous founder known only as ‘Ryoshi’.
The links with Dogecoin – currently the most popular meme-coin on the market – are strong. Both Dogecoin and Shiba Inu are based on popular memes of the Japanese hunting dog the Shiba Inu.
Unlike Dogecoin, Shiba Inu is an ERC-20 token built on the Ethereum network. The project described itself as an experiment in rapid decentralised community building – without any clear direction or core development team, Shiba Inu has gone above and beyond Ryoshi’s initial vision.
Today, Shiba Inu is the 14th biggest cryptocurrency by market cap ($5.6 billion).
Shiba Inu shot into the spotlight when Vitalik Buterin – the Ethereum co-founder – received a large proportion of SHIB. He burned 42.02% of supply and sent a large amount to a COVID-19 relief fund in India. According to Buterin, he didn’t want the control that owning nearly half the SHIB supply came with.
Burning Shiba Inu has since been picked up by individual investors and projects across the world. There is the Shiba Inu Coffee Company, which burns SHIB from a % of profits, as well a partnership with Wendy’s fast food outlet, a Shiba Inu styled restaurant in Dubai, boxers in Argentina, and many more.
Coinbase listed Shiba Inu in September last year, and helped to take Shiba Inu onto an all-time high where its market cap ballooned to $41 billion – that’s more than the market cap of BNB, XRP, Cardano or Solana currently.Will Shiba Inu Explode Again in 2023?
The Shiba Inu success story led to more Google Searches for ‘Shiba Inu’ than even Bitcoin since the all-time high last November.
However, such dramatic gains are hard to come by once a cryptocurrency reaches top 20 status. From the Shiba Inu pump in May to the all-time high in November, for example, the Shiba Inu price rose 130% – impressive, but not quadruple figures.
Many more crypto newcomers are more likely to grow 1000% and more in 2023.
One project analysts are identifying is EverGrow Coin.
The token took the success of coin burning in the Shiba Inu community and built it into the very fundamentals of EverGrow Coin. From a 14% transaction, 2% is set aside for strategic buyback and burn.
Now 53% of the initial EverGrow Coin supply has been removed from circulation. Meanwhile, after Buterin burned 42.02% of the SHIB supply last May, in July 2023 the Shiba Inu burn has only moved marginally to 42.03%.
EverGrow Coin is about to launch a suite of applications, including an NFT marketplace, a content subscription platform (Crator) and a metaverse experience. The profits of each of these will be pumped 100% into buyback and burn – with monthly burns expected to be more than 0.5% of initial supply.3 Reasons to Buy Shiba Inu Crypto in July 2023 1. Shiba Inu becomes Ethereum Whales’ Largest Holding
Crypto analysts have discovered a fascinating fact about Shiba Inu in July 2023 – SHIB is the second-largest holding among Ethereum whales.
The top 100 Ethereum wallets are holding $400 million worth of Shiba Inu. The only token they’re holding more of is the stablecoin UDSC. As a percentage, it means that 18% of Ethereum whales’ holdings are in USDC, with 13.9% in SHIB and 12.4% in Tether (USDT).
Whales are a top bullish indicator for a cryptocurrency like Shiba Inu, as there is large incentive to hold on until a bull market returns.2. Shiba Inu Has 4 Key Developments Coming Soon
In a July 2023 blogpost the lead developer of Shiba Inu (Shytoshi Kusama) announced four new developments to roll-out this year.
They include the Shibarium layer-2 blockchain, allowing developers to build dApps and projects on top of Shiba Inu infrastructure. The new BONE token will pay for gas fees.
The Shi stablecoin is also due for release in 2023, to bring a US Dollar-pegged token into the Shiba Inu ecosystem. The TREAT token will also go live as a rewards token to the fourth development coming soon: the Shiba Collectible Card Game. Shytoshi called this last development the ‘best collectible card game on the planet’.3. Shiba Inu is decentralised
After Ryoshi stepped back, Shiba Inu’s huge success has been driven purely by a decentralised community.
Thousands of investors across the world have found inventive ways to boost SHIB’s profile, burn SHIB from supply or give SHIB extra use cases. These include a suite of businesses burning Shiba Inu from a % of their profits as well as the ShibaSwap portal, which rewards a shifting APY to any users who destroy SHIB on the platform.
The decentralisation means Shiba Inu is safe from centralised developers playing pump and dump schemes or otherwise putting investors’ funds at risk. It also makes the Shiba Inu community a very welcoming place and rewarding for anyone getting involved – both socially and economically.How Other Cryptocurrencies Are Capitalising on Shiba Inu’s Failings
The biggest problem facing Shiba Inu is this: the legendary returns are now a thing of the past.
Shiba Inu has no core utility. Nor does it have any built-in buyback and burn mechanism to keep its prices rising long-term. It means that investors are all in the same boat – and they all must find ways to either burn tokens at their own cost or build utilities at their own risk.
EverGrow Coin is identified as a Shiba Inu lookalike because of the way developers are instantly rewarded for their efforts. EverGrow Coin is unique in crypto because the core development team only earn any income from exactly the same mechanism as every other investor: BUSD reflections.
From the 14% transaction tax, 8% is redistributed instantly as BUSD to all wallets depending on their position size. All the main team members have published their EverGrow Coin wallets online – this both provides accountability that no pump-and-dump is going on, but also shows how investors can also enjoy BUSD passive income.
The transaction tax applies to both buy and sell orders. This helps to discourage large sell-offs – and also means that all investors HODLing through a bear market continue to earn from any sell orders.Is Shiba Inu a Good Investment in July 2023?
The huge accumulation among whales is a positive sign for Shiba Inu.
However, it’s worth being aware that Shiba Inu has also fallen 71% in price since the beginning of the year. No large-cap cryptocurrencies have escaped the 2023 bear market, and low prices are likely to stay low for the next weeks or even months and into next year.
It means that while, yes, Shiba Inu is a good investment, you might not see any significant ROI for the next six months or more.
If it’s the rapid gains you’re looking for, or being ahead of the next trend in crypto, then there are other small-cap tokens you should be looking at.
EverGrow Coin’s trading volume and market cap currently are where Shiba Inu was before the monumental breakout last year. With an exciting roadmap and never-before-seen fundamentals to revolutionise the crypto space, this could be a better buy in July 2023 for rapid gains.
A good number of Shiba Inu long-term holders still held on to the token even though only 18% were in profit
The increased involvement of investors with SHIB could play a vital role in how it performs in the next bull market
If you were a fervent follower of the market in 2023, then you would absolutely agree that the incredible rise of Shiba Inu [SHIB] was one of the most unforgettable highlights.
The memecoin, which hardly got any attention before then, made an impressive sprint that almost ran into a 5,000,000% value increase. However, the antics shown by the same token in 2023 were barely any close to the year discussed before. In fact, it was the complete opposite.
Read Shiba Inu’s [SHIB] Price Prediction 2023-2024
This fraction was surprisingly spectacular, with only a few top cryptos like Bitcoin [BTC] and Ethereum [ETH] beating it. Additionally, only 18% of the total holders were still in profit.
So, what has propelled long-term holders to remain at such an apex?Accept the token, ignite the metaverse
One aspect that Shiba Inu has thrived in is its use case for payments. For a while, several businesses have adopted the meme coin as a means of settlement and remittance. Just in October, Google Cloud opened its doors to the meme for the same reason. In turn, you would expect that there should be an increase in Shiba Inu users.
In other quarters, ETH whales have ensured that SHIB remained at the top of their holdings. Even though these whales had sold off some holdings, they still held a massive amount. At press time, WhaleStats reported that SHIB holdings by these investors were up to $68 million.
This activity implied that Ethereum whales seemed to be bullish on the cryptocurrency in the long term. Besides this interest, Shiba Inu expanded its wings by “creating lands” in the metaverse.
At the time of this writing, Shib The Metaverse had created more than three separate concepts for the project. This same involvement in virtual reality earned it an invite to the World Economic Forum (WEF).
Despite a meager 0.97 correlation with BTC, SHIB employed its token burn as a strategy to keep the ecosystem alive. This plan of action enabled holders of the token to exclude some tokens from circulation while earning passive income.
At press time, Shibburn showed that the burn rate had increased by 4497% in the last 24 hours. This implied that the SHIB community held the burn activity in high regard.When the bulls return, SHIB will…
Although the burn rate was a bid to reduce supply and increase its value, the latter had rarely happened as SHIB exchanged hands at $0.000009 according to Santiment.
This value represented a 1.36% decrease in the last 24 hours. However, the volume surged 83.96% to $236.51 million. This increase implied that many transactions had passed through the Shiba Inu network within the said period regardless of the profit or loss incurred.
On the downside, SHIB’s network growth had fallen to 1999 at the time of writing. As of 13 November, the network growth was as high as 9409. This current state inferred that there were fewer new addresses joining the Shiba Inu ship. With all of this happening, SHIB might not remain deeply affected by the bear market.
However, ruling the token out of active participation in the next bull season might be a costly mistake, considering the increased involvement with the ecosystem. Nevertheless, there was no guarantee of a 2023 repetition.
Shiba Inu is on track for its lowest burn rate in 18 months.
The Shiba Inu community has burned just 352 million SHIB so far in December. It’s a -47% decline from November when 661 million SHIB entered the burn addresses.
For context, 352 million SHIB has a dollar value of just $3,000.
It’s a huge drop from May earlier in 2023 when $260,000 worth of Shiba Inu entered burn addresses. So unless there’s a Christmas miracle, Shiba Inu is on track for its lowest burn rate in 18 months.
Below, find three bullish indicators Shiba Inu investors must watch out for in 2023.What’s the benefit of burning Shiba Inu?
In May 2023, just before Shiba Inu experienced its first major price pump, the Ethereum co-founder Vitalik Buterin received half the SHIB supply from its anonymous founder, Ryoshi.
Buterin burned 410 trillion Shiba Inu tokens, representing 41% of the total supply.
A surge of investment sent the price of SHIB soaring 50,000% in just two weeks. Had you put in $200 at the beginning of May, you’d have earned $100,000 before your next paycheck!
That’s why so many Shiba Inu investors are bullish about burning: a reduction in supply creates explosive price pumps.What’s the issue of burning Shiba Inu?
Shiba Inu is currently losing ground to new altcoins like EverGrow, which have innovative methods to burn tokens.
This is because Shiba Inu has no automated mechanism to burn tokens.
EverGrow meanwhile has three and counting:
2% of every transaction is kept back to burn EverGrow
100% of revenue from the LunaSky NFT marketplace is used to burn EverGrow
100% of revenue from EverGrow NFTs are used to burn EverGrow
The result is this: EverGrow burned more than $250,000 worth of its own tokens in November, while Shiba Inu managed just $6,000. The EverGrow market cap is just $40 million compared to Shiba Inu’s $4.6 billion.
The effect was the artificial creation of a price pump that nearly hit 50% in November.
For Shiba Inu to win the battle for burning tokens in 2023 it will need to innovate and ramp up the burn rate. Here are three bullish indicators to watch out for.3 bullish indicators for Shiba Inu investors in 2023 #1 – Re-launching the ShibaSwap burn portal
Just before the Terra collapse, investors celebrated the launch of the ShibaSwap burn portal – a mechanism which paid users passive income as a reward for burning Shiba Inu.
The portal gave Shiba Inu its best month of burning this year with 31 billion SHIB burned (worth over $260,000 at today’s prices).
But the burn portal failed. The original development team disappeared.
So the lead development team headed up by anonymous Shytoshi Kusama took over the burn portal in October. A ShibaSwap blog explained the burn portal would go live in 2023 – this could be a bullish indicator that burning Shiba Inu is back on track.#2 – Shibarium
The Shiba Inu lead development team is also rolling out a layer-2 blockchain solution for SHIB called Shibarium. Shytoshi Kusama has confirmed that a % of revenue collected from transaction fees will be used to burn Shiba Inu.
It’s currently not clear how much Shiba Inu will be burned.
However, Shibarium is one of the key developments for Shiba Inu in 2023 and positive news about burning could lead to both reductions in supply and significant price pumps.#3 – Shiba Eternity
The launch of Shiba Eternity was huge for SHIB this October.
Even better for Shiba Inu investors was news that 5% of revenue would be used to burn SHIB. It appeared a bullish indicator when first revealed – but with the burn rate falling in December, it’s yet made an impact.
There’s currently been no further update on revenue nor the resulting burns from Shiba Eternity.
Shibarium’s performance has been commendable as it reached a new milestone.
SHIB’s metrics and market indicators were also bullish on the memecoin.
Shiba Inu [SHIB] is known for its burn activity, which plays a critical role in the token’s utility. Not only does it emphasize its deflationary characteristics, but it also has an important role in molding investor sentiment.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
But is the burn enough for the token to take it to the moon? A look at SHIB’s price action might infer the opposite to be true. However, SHIB’s popularity and its upcoming updates could turn things around.A look at the Shiba Inu ecosystem
As per the tweet, Shibarium significantly impacts the Shib ecosystem by introducing a burning mechanism that reduces the supply of Shib. When users make transactions on the network, the base fee is locked into a Shibarium contract, while the priority fee is paid to validators.
The base fee is divided, with 70% burned and 30% set aside for network maintenance.
However, the press time data looked concerning. As per SHIBBURN, Shiba Inu’s burn rate had declined by over 80% in the last 24 hours.Is the burn rate actually helping SHIB?
SHIB’s burn rate has always been high, but its effects have not yet been shown on its charts. As per CoinMarketCap, SHIB was down by 5% in the last seven days. At the time of writing, it was trading at $0.000007584 with a market capitalization of over $4.4 billion, making it the 18th largest crypto by market capitalization.
However, though SHIB’s price action was not bullish, the ecosystem witnessed growth. Shiba Inu’s Shibarium has once again reached a new milestone. As per Puppyscan, Shibarium’s total transactions were about to reach 26 million, which is an achievement.SHIB is under pressure
While the Shibarium testnet rose, SHIB’s supply distribution also changed drastically. As per Santriment’s chart, SHIB’s supply on exchanges declined substantially while its supply outside of exchanges increased.
Such an episode means that buying pressure on the memecoin is increasing, which is a bullish signal. However, it was interesting to note that the total amount of SHIB holders registered a decline over the last seven days.Shiba Inu now has competition
Though Shibarium is making huge achievements, SHIB has competition around the corner as new tokens like Pepe [PEPE] and PEPE 2.0 enter the market. Apart from that, SHIB has also been witnessing a decline in its market cap, causing it to drift off the list of the top 20 cryptos.
The second generation of the ePEPE token had risen more than 1000% just after the launch. Thus, will SHIB, the second-largest memecoin, be able to hold its stance?
How much are 1,10,100 SHIBs worth today?Shiba Inu bulls are not letting the bears win
A look at SHIB’s daily chart revealed that the bulls were leading the market, as per the MACD indicator. Moreover, Shiba Inu’s Relative Strength Index (RSI) gained upward momentum.
The memecoin’s Money Flow Index (MFI) also followed the same path of growth, increasing the chances of a continued uptrend. However, the Exponential Moving Average (EMA) Ribbon was bearish – the 20-day EMA was resting well below the 55-day EMA.
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