SHIB turns bullish for the first time since Shibarium’s launch

• Over 2 trillion SHIBs were taken out from exchanges over the last week.
• Shibarium was on track as its total wallets reached the 100,000 mark.

After weeks of waiting since the much-awaited Shibarium launch, the effects of it finally started to reflect on Shiba Inu’s [SHIB] chart. While SHIB’s price remained low, it witnessed a massive outflow from exchanges, which indicated investor confidence.

Realistic or not, here’s SHIB’s market cap in BTC’s terms

Shiba Inu paints its chart green!

The Shibarium launch did not go as expected by many, as SHIB, the flagship token of the Shiba Inu ecosystem, failed to respond positively. However, the scenario has changed, as according to CoinMarketCap, SHIB was up by more than 2.5% in the last 24 hours.

At the time of writing, it was trading at $0.000008121 with a market capitalization of over $4.7 billion. It was also accompanied by a double-digit increase in its trading volume. Interestingly, the seeds for this uptrend were sown during the time SHIB’s price dropped.

Twitter crypto analyst Ali_Charts revealed that a staggering two trillion SHIB tokens were removed from exchanges over the last week, reflecting investors’ confidence in SHIB’s trend reversal.

#ShibaInu | A staggering 2 trillion $SHIB tokens have been pulled from known #crypto exchange wallets just this past week. pic.twitter.com/MiWMNUp7jY

— Ali (@ali_charts) August 27, 2023

The price hike had a positive impact on the token’s performance on the social front as well. This was evident from the massive spike in its social volume and weighted sentiment.

Moreover, LunarCrush’s data revealed that bearish sentiment around SHIB plummeted by more than 60% in the last 24 hours, while its Altrank improved.

Source: Santiment

Interestingly, whale activity around SHIB surged on 28 August, at the same time when the price turned bullish. Thanks to the price uptrend, SHIB’s MVRV Ratio and one-day price volatility also increased over the last 24 hours.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Both Shiba Inu’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) registered upticks and were headed towards the neutral mark, which was bullish. However, the Relative Strength Index (RSI) continued to move sideways.

A quick look at Shibarium

While Shiba Inu’s price turned bullish, Shibarium’s daily transaction also gained upward momentum after a decline. At press time, Shibarium had executed more than 440,000 transactions. It had over 101,000 wallet addresses and an average block time of five seconds.