Shiba Inu gets attention from whales, but what does it mean for its price

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  • Whales show inter­est in Shi­ba Inu despite its slug­gish performance. 
  • MVRV Ratio sug­gest­ed that SHIB’s price might surge soon.

Shi­ba Inu [SHIB], one of the most pop­u­lar meme coins in the world, failed to put a smile on investors’ faces with its slug­gish per­for­mance. Over the past week, SHIB only man­aged to increase its price by over 2%, which was not up to the mark when com­pared to oth­er cryptos.

For instance, Doge­coin [DOGE], the largest meme­coin in terms of mar­ket cap­i­tal­iza­tion, was able to reg­is­ter a more than 22% increase in its price over the last week. At the time of writ­ing, SHIB was trad­ing at $0.000009243 with a mar­ket cap of more than $5 billion.

Read Shi­ba Inu’s [SHIB] Price Pre­dic­tion 2023–24

Though SHIB strug­gled to climb up the price lad­der, the whales still showed immense inter­est in the token. SHIB man­aged to be the first choice of the whales that the top 500 Ethereum whales were hold­ing. Sur­pris­ing­ly, a look at SHIB met­rics sheds some light on what the whales are thinking.

This might be just ahead

Santiment’s chart revealed that despite the slow-mov­ing price action, SHIB’s MVRV Ratio was on a con­tin­u­ous rise, which is a bull­ish sig­nal indi­cat­ing a pos­si­ble north­bound break­out soon. 

Shi­ba Inu man­aged to be pop­u­lar in the cryp­to com­mu­ni­ty over the past week as its social dom­i­nance spiked quite a few times. More­over, accord­ing to BSC Dai­ly, a pop­u­lar Twit­ter han­dle that posts updates relat­ed to the BNB ecosys­tem, SHIB was also on the list of cryp­to projects that were trend­ing on CertiK.

Source: San­ti­ment

Accord­ing to CryptoQuant’s data, SHIB’s net deposits on exchanges were low com­pared to the 7‑day aver­age, which too was a bull­ish sig­nal as it sig­ni­fied less sell­ing pres­sure. Addi­tion­al­ly, the active address­es and num­ber of trans­ac­tions were also increas­ing, giv­ing fur­ther hope for a price surge in the com­ing days.

But not everything was favorable

While the met­rics looked in favor of SHIB, the mar­ket indi­ca­tors told a dif­fer­ent sto­ry as a few of them hint­ed at the pos­si­bil­i­ty of a down­trend in the days to follow. 

The Bollinger Band indi­cat­ed that SHIB’s price had entered a squeeze zone, reduc­ing the chances of a north­ward move­ment in the short term. 

Shi­ba Inu’s Rel­a­tive Strength Index (RSI) and Chaikin Mon­ey Flow (CMF) both reg­is­tered slight downticks and were rest­ing below the neu­tral mark.

Nonethe­less, the Expo­nen­tial Mov­ing Aver­age (EMA) Rib­bon gave some hope as the 20-day EMA was still above the 55-day EMA, sug­gest­ing a bull­ish edge in the market.

Source: Trad­ingView

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