- SHIB remained the best-traded token among the top 100 ETH whales.
- SHIB’s RSI was oversold, but MFI and the EMA Ribbon looked bearish.
Shiba Inu [SHIB] again came ahead of others by topping the list of cryptos by popular searches. SHIB even outperformed the memecoin that has created huge ripples in the community, Pepe [PEPE]. Is this the first sign that SHIB is gearing up for a price pump in the coming days?
Here are the ten current trending searches🔍 on LunarCrush.
1️⃣ $shib
2️⃣ $peep
3️⃣ $btc
4️⃣ $lunr
5️⃣ $vr
6️⃣ $ comp
7️⃣ $chz
8️⃣ $ltc
9️⃣ $coval
🔟 $arbhttps://t.co/yOJ8UGK95Y pic.twitter.com/fdlPnWzrai— LunarCrush (@LunarCrush) May 15, 2023
Read Shiba Inus [SHIB] Price Forecast 2023-24
Shiba Inu remains the favorite of whales
Shiba Inu has long been a top choice for whale watching. This time too, the trend remained the same as SHIB was the most traded token in the top 100 Ethereum [ETH] whales in the past 24 hours.
Source: Whalestats
SHIB’s burn rate also registered a huge spike over the past day. From Shibburn, the memecoin’s burn rate increased by more than 20,000%. In the last 24 hours alone, a total of 3,034,309,519 SHIB tokens have been burned, in addition to two transactions.
There have been a total of 3,034,309,519 in the last 24 hours $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the grand total of #SHIB tokens burned, circulating supply and more.
—Shibburn (@shibburn) May 16, 2023
Last week was not the best week for investors as the price of SHIB moved marginally. According to CoinMarketCapSHIB’s price fell 0.38% over the past seven days.
At the time of writing, it was trading at $0.000008798 with a market cap of over $5.1 billion. However, the coming days could bring better news, the report found CryptoQuantsome statistics turned bullish.
Is a trend reversal imminent?
Shiba Inu’s net deposits to exchanges were low compared to the past seven days. This was bullish, as it suggested that the memecoin was not under selling pressure. Active addresses were also high, indicating increased usage.
Moreover, SHIBThe Relative Strength Index (RSI) was in an oversold position. This was bullish, as it may increase buying pressure, which could push up the price of SHIB.
Source: CryptoQuant
Santiment’s chart showed that SHIB’s MVRV ratio has also improved slightly over the past few days. However, negative feelings around the memecoin were dominant in the market, as evidenced by the dip in weighted sentiment.
Source: Sentiment
Realistic or not, here it is SHIB market cap in terms of BTC
There’s more meat in the story
While the statistics looked optimistic, the same cannot be said for Shiba Inu market indicators. The Exponential Moving Average (EMA) ribbon revealed a bearish upper hand in the market as the 20-day EMA was well below the 55-day EMA. SHIBThe Money Flow Index (MFI) also registered a decline.
Nevertheless, the Chaikin Money Flow (CMF) remained high, which is an update in favor of the buyers.
Source: TradingView