Shiba Inu tokens record double-digit increases; What could that mean for Shep

  • Shiba Inu tokens have avoided small increases in the market with notable gains in value
  • SHIB outperformed other top cryptocurrencies, but that wasn’t enough for long-term coin holders

icons below shiba inu [SHIB] The ecosystem has recorded double digit increases in the past 24 hours, according to data from CoinMarketCap.

The price tracking platform revealed that the meme management token, Bone ShibaSwap [BONE], by 29.37%. Dougie Killer [LEASH]On the other hand, it recorded an increase of 14.71% during the mentioned period.

Read shiba inu [SHIB] predict the price 2023-24

Both codes also have hundreds of percent increases in size. The offer came after SHIB posted on its official Twitter page, more dangerous He was about to launch a decentralized portal that would house every token in his ecosystem.

This is what the SHIB price action says

While SHIB faint For most of 2022, it has proven itself to be still worth Dogecoin [DOGE] Alternate hype attached to it. This was because the meme coin followed BONE and LEASH to produce the best performing top 20 cryptocurrencies during the mentioned time frame.

Based on the Directional Movement Index (DMI), the daily chart showed that +DMI (green) is making efforts to create an upward impulse. But -DMI (red) showed more solid strength at 27.96. Conversely, the increase from +DMI was not yet sufficient to overcome -DMI.

Therefore, the movement of SHIB can be measured as a false bullish trend, as the signal showed the potential to undergo downward pressure.

Source: TradingView

During this period, the Average Directional Index (ADX) was at 24.39. As it has not yet reached 25, the ADX (in yellow) has indicated a crossroads of strength supporting the DMI indicator. This means SHIB can go either way, even with an altitude register.

Bridges ahead but shoba inu don’t burn

No matter how skeptical the direction of the price is, the Shiba Inu couldn’t get more involved in its burning business. to me SheburnThe 24-hour burn rate decreased by 26.67%.

The removal of SHIB from circulation aims to increase the value of the token while rewarding the participant. However, these increases did not result in any price increase. So, the combustion decrease, in no way, did not affect the recent SHIB increase.

On the social front, Santiment data showed that SHIB has seen a commensurate increase in interest from the crypto community. According to the on-chain platform, SHIB’s social dominance rose to 2.986% on December 18. However, it is down to 1.247% at the time of writing.

Despite the increase in value, SHIB has He didn’t give her a break to its investors. This is due to the drop in the market value to realized value (MVRV) ratio to -14.53%. This condition may be beneficial to long-term investors, as it provides the opportunity to accumulate more at fair value.

Shiba Inu social dominance and relationship to MVRV

Source: feeling

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