coinedition.com
Despite the fact that Shiba Inu (SHIB) is one of the most popular meme coins in the market, it did not do much to impress its investors with its price increase of a little more than 3% over the last week. SHIB’s sluggish performance is even more clear when compared to Dogecoin (DOGE) which is in the green by more than 21% over the last seven days.
Although SHIB did show some signs of struggle this week, whales still showed some interest in the crypto. Data from the whale tracking website, WhaleStats, indicates that SHIB was the top pick for the biggest 500 Ethereum whales.
In addition to this, Santiment data indicates that SHIBs’ MVRV Ratio was on a continuous rise, which is a bullish signal. SHIB was also one of the more popular cryptocurrencies on social media throughout the week as its social dominance saw a few spikes.
Another bullish sign for SHIB is the fact that CryptoQuant data indicates that SHIB’s net deposits on exchanges were low when compared to the 7-day average. This could suggest a decrease in selling pressure.
While SHIB’s metrics looked favorable, the meme coin’s market indicators told a completely different story. The Bollinger Bran indicated that SHIB has entered into a squeeze zone, which significantly reduces the chances of an upward movement.n In addition to this, SHIB’s RSI and CMF both registered slight downticks.
SHIB is currently trading at $0.000009246 after a 0.23% increase in price over the last 24 hours, according to CoinMarketCap.