Shibarium Hits 20M Transactions: Is SHIB Set for a Bullish Trend?
• Shiba Inu’s Shibarium crossed 20 million total transactions, causing SHIB’s price to decline by more than 24% in the last seven days.
• The memecoin’s social volume dipped sharply, which represents a decline in its popularity and weighted sentiment around SHIB was negative.
• Whales are losing interest in Shiba Inu as it was not the most bought token among the top 100 ETH whales in the last 24 hours.
Shibarium Hits Major Milestone
Shiba Inu’s Shibarium recently crossed 20 million total transactions, a major milestone for the project. Although SHIB’s RSI was oversold after this news, its price still declined by more than 24% in the last seven days due to a general market correction of altcoins.
Negative Market Sentiment Around SHIB
SHIB’s market sentiment has been mostly negative with social volume dipping sharply, representing a decline in popularity for the meme coin. Additionally, weighted sentiment around SHIB has also been negative over the last seven days.
Whales Losing Interest In Shiba Inu
The big players of crypto-space are actually selling their SHIB holdings as it is not one of the most bought tokens among top 100 ETH whales in the past 24 hours according to Whalestats data.
Risk Factors For Investors
With all these factors taken into account, investors should make sure they do their own research before investing in Shiba Inu or any other cryptocurrency as there is always an inherent risk involved with such investments.