Tech

SHIB’s ‘prices don’t hold much importance’ – so what does?

10/16/2023
Bitcoin Ethereum News

  • SHIB’s RSI was in an oversold zone at press time. 
  • BONE was up by more than 4% in the last 24 hours, and a few indicators were bullish. 

The Shiba Inu [SHIB] ecosystem at large has not managed to bring profit to investors over the past months. This happened at a time when several expected SHIB’s price to reach the moon. 

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

However, the Shiba Inu team is confident in the blockchain’s future, as development around it has remained high.

A lot is happening in the Shiba Inu ecosystem

LUCIE, an official X (formerly Twitter) handle, recently posted a tweet highlighting the fact that prices don’t hold much importance as they can change quickly in just one day. As per the tweet, what really matters is the progress and development happening behind each project.

Shiba Inu tokens’ exposure recently witnessed a boost over the last few weeks as two new exchanges listed the tokens. For example, StealthEX listed Doge Killer [LEASH] in the recent past.

Moreover, on 11 October, Bitcoin became one of the first exchanges to integrate with Shibarium and embrace the Shiba Inu ecosystem.

The recent advancement might make it possible for Bitcoin to provide a wide range of assets to its users inside the Shiba Inu ecosystem. Another promising space was Shiba Inu’s NFT ecosystem, as Shibaoshi gained popularity.

As per OpenSea, Shibaoshi’s floor price increased by 10% over the last seven days. During that period, its volume and number of sales also went up. All these developments might reflect on SHIB, BONE, and LEASH’s prices during the next bull rally.

Source: OpenSea

A look at Shiba Inu tokens’ performances 

While SHIB’s price remained under bears’ influence for quite a few weeks, things have started to change. According to CoinMarketCap, SHIB was up by more than 1% in the last 24 hours. At the time of writing, it was trading at $0.000007029 with a market capitalization of over $4.1 billion.

A reason behind this could be investors increasing their holdings. This was evident from CryptoQuant’s data, which revealed that SHIB’s Exchange Netflow was lower than the last seven-day average.

In fact, its Relative Strength Index (RSI) was in an oversold zone, which could further exert buying pressure on SHIB.

Source: CryptoQuant

How much are 1,10,100 BONEs worth today?

While SHIB’s price only increased by 1%, Bone ShibaSwap [BONE], on the other hand, managed to increase its value by more than 4% in the last 24 hours. At press time, it was trading at $0.7452 with a market cap of over $171 million.

As per the MACD, at press time, the bulls and the bears were in a battle to flip each other. The Money Flow Index (MFI) registered an uptick over the last few days. Nonetheless, the Chaikin Money Flow (CMF) went down from the neutral mark, which could cause a trend reversal.

Source: TradingView

Source: https://ambcrypto.com/shibs-prices-dont-hold-much-importance-so-what-does/