Though the meme coin managed to register promising gains, bearish sentiment around it remained high. Was this pump only an outcome of the bullish market , or are metrics backing it?The last week was in investors’ best interest as Shiba Inu ’s price value dropped by more than 5%. However, as the market turned bullish, Shiba Inu also benefited from it.At the time of writing, the meme coin was trading at $0.00002845 with a market capitalization of over $16 billion.
The fact that investors were buying SHIB was also proved by its Exchange Outflow, which spiked quite a few times last week.The price uptick also helped SHIB’s MVRV ratio improve, which indicated that the chances of a continued price uptick were high. However, the network-to-value ratio told a different story.
SHIB’s MACD also displayed a bearish upper hand in the market. Both of these indicators hinted at a price decline in the coming days.
Source: News Formal (newsformal.com)
Shiba Inu Meme Coin Bullish Market Bearish Sentiment Metrics Market Condition
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