Shiba Inu tokens escaped slight market surges with notable increases in value
SHIB outperformed other top cryptocurrencies, but it wasn’t enough for long-term holders
Tokens under the Shiba Inu [SHIB] ecosystem recorded double-digit increases in the past 24 hours, according to data from CoinMarketCap.
The price tracking platform revealed that the meme governance token, Bone ShibaSwap [BONE], posted an increase of 29.37%. Dog killer [LEASH]on the other hand, registered an increase of 14.71% within the above period.
Read Shiba Inus [SHIB] Price prediction 2023-24
Both tokens also had volume increases of hundreds of percent. The performance took place after SHIB via its official Twitter page announced that it was about to release a decentralized portal that would accommodate every token under its ecosystem.
🦮 A special https://t.co/pl0HAXgkAE countdown has begun. Allow DNS to pass correctly. If the website loads blank for some users, try loading again in a few minutes.
— Shib (@Shibtoken) December 18, 2022
SHIB’s price action has this to say
While SHIB might have been modest for most of 2022, it proved it was still worth the Dogecoin [DOGE] alternative hype attached to it. This was because the meme coin followed BONE and LEASH in producing the best performance out of the top 20 cryptocurrencies in the said time frame.
Based on the Directional Movement Index (DMI), the daily chart showed that the +DMI (green) was straining to create upward pressure. However, the -DMI (red) showed more solid strength at 27.96. Conversely, the rise of the +DMI was not enough to overpower the -DMI.
Therefore, SHIB’s movement could be measured as a false uptrend as the signal showed potential to succumb to downward pressure.
During this period, the Average Directional Index (ADX) was 24.39. Since it was not yet 25, the ADX (yellow) indicated a crossroads of support force for the DMI. This implied that SHIB could go either way even with the recorded upswing.
Bridges in front, but Shuba Inu won’t burn
Regardless of the skepticism about price direction, Shiba Inu failed to increase engagement in its burn activity. According to Shibburnthe 24-hour burn rate had decreased by 26.67%.
The removal of SHIB from circulation was intended to increase the token value while rewarding the participant. However, such increases did not lead to a price increase. So the burn downturn has in no way affected the recent SHIB increase.
On the social front, Santiment’s data showed that SHIB experienced a commensurate increase in the attention of the crypto community. According to the on-chain platform, SHIB’s social dominance rose to 2.986% on Dec. 18. However, it had fallen to 1.247% at the time of going to press.
Despite the increase in value, SHIB gave no rest for its investors. This was due to the market value to realized value (MVRV) ratio falling to -14.53%. This condition may be good for long-term investors, as it provided the opportunity to accumulate more at a fair value.
This post Shiba Inu Tokens Record Double-Digit Increases; what could it mean for SHIB
was published first on https://ambcrypto.com/shiba-inu-tokens-register-double-digit-upticks-what-could-it-mean-for-shib/