Tokens in the Shiba Inu [SHIB] ecosystem increased by double digits in the last 24 hours, according to CoinMarketCap data.
The price tracking platform revealed a 29.37% increase in the meme governance token, Bone ShibaSwap [BONE]. Doge Killer [LEASH], on the other hand, increased by 14.71% during the same time period.
Both tokens experienced significant volume increases in the hundreds of percent range. The performance occurred after SHIB announced, via its official Twitter page, that it was on the verge of releasing a decentralised portal that would house every token in its ecosystem.
While SHIB was quiet for most of 2022, it demonstrated that it was still worth the Dogecoin [DOGE] alternative hype. This was due to the meme coin trailing BONE and LEASH in producing the best performance among the top 20 cryptocurrencies during the specified time frame.
The daily chart showed that the +DMI (green) made efforts to create upward pressure based on its Directional Movement Index (DMI). The -DMI (red) had a higher solid strength of 27.96. In contrast, the rise from the +DMI was insufficient to overcome the -DMI.
As a result, SHIB’s movement could be interpreted as a false uptrend, as the signal indicated the possibility of succumbing to downward pressure.
The Average Directional Index (ADX) was 24.39 during this time period. The ADX (yellow) indicated a crossroads of supporting strength for the DMI because it had not yet reached 25. This meant that, despite the uptick, SHIB could go either way.
Regardless of price direction scepticism, Shiba Inu was unable to increase engagement with its burn activity. Shibburn reported that the 24-hour burn rate had decreased by 26.67%.
The removal of SHIB from circulation was intended to boost the token’s value while rewarding the participant. However, such price increases have not occurred. As a result, the recent SHIB increase was unaffected by the burn downturn.
Santiment’s data showed that SHIB received a commensurate increase in attention from the crypto community. SHIB’s social dominance increased to 2.986% on December 18th, according to the on-chain platform. However, as of press time, it had dropped to 1.247%.
Despite the increase in value, SHIB did not provide relief to its investors. This was due to a drop in the Market Value to Realized Value (MVRV) ratio to -14.53%. This condition may be beneficial to long-term investors because it provides an opportunity to accumulate more at a reasonable price.
