Is Shibarium’s latest update good news for Shiba Inu?

• SHIB’s price declined by more than 24% in the last seven days 
• Weighted sentiment was negative, but several metrics looked positive for SHIB 

Most altcoins have seen a major price correction of late, because of which they registered double digit declines. Shiba Inu [SHIB] was one of the affected coins, as its price went down by more than 24% in the last seven days. Nonetheless, SHIB’s Shibarium continued to perform well and also hit a new milestone. 

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

Shibarium stats are on FIRE

Shibarium registered a major update recently after a tweet revealed that the total number of transactions on Shibarium crossed the 20 million-mark. 

💪🏻 20 000 000 million transactions!!! #Shibarium Beta testing pic.twitter.com/vBoSMvneHa

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 11, 2023

Puppyscan’s data revealed that daily transactions have gained upward momentum since May 2023. At press time, the number of daily transactions was 491,994. The number of wallet addresses stood at 16,723,362. Additionally, there have been 1,236,598 blocks created, with an average block time of 5 seconds. 

Source: Puppyscan

Will this stir positive sentiment around Shiba Inu?

SHIB continued to face heat as its price chart remained red. According to CoinMarketCap, SHIB’s price was down by more than 4% in the last 24 hours. At press time, SHIB was trading at $0.000006559 with a market capitalization of over $3.8 billion. However, Shibarium’s achievement was not enough to change market sentiment around SHIB.

The memecoin’s social volume dipped sharply, which represents a decline in its popularity. Negative sentiment around SHIB increased over the last seven days, as evident from the dip in the token’s weighted sentiment. 

Source: Santiment

Whales are losing interest in Shiba Inu

SHIB’s price action also affected its popularity among whales. As per Whalestats, SHIB was the most traded token among the top 100 ETH whales in the last 24 hours. However, it ranked 12th on the list of cryptos that those whales bought. Therefore, it seems that the big players in the crypto-space are actually selling their SHIB holdings. 

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Should investors expect a trend reversal?

CryptoQuant recently pointed out a bull signal that gave hope for better days ahead.

Shiba Inu’s Relative Strength Index (RSI) is in an oversold position, which can increase buying pressure in the coming days. SHIB’s net deposits on exchanges were  low too, compared to the 7-day average.

Additionally, SHIB’s supply outside of exchanges flipped its supply on exchanges. This is a typical bull signal, suggesting buying pressure. However, SHIB’s MVRV Ratio was substantially down at press time, which can cause trouble.  

Source: Santiment