• Shiba Inu’s Shibarium recently reached a new milestone, with the total number of transactions crossing the 25 million mark.
• Despite this growth, SHIB continued to drift off the top crypto list as its market capitalization declined sharply last week.
• Investor interest in trading the memecoin was also declining, and Shiba Inu’s Money Flow Index (MFI) registered a decline over the last few days.
Shibarium Reaches 25 Million Transactions
Shibarium, Shiba Inu’s [SHIB] much-talked-about application, has recently achieved a new milestone with the total number of transactions surpassing 25 million. As per Shibarium explorer Puppyscan, total wallets were close to reaching 17 million with an average block time of 8.1 seconds. This reflects a steady increase in usage for Shibarium since 12 June 2023.
SHIB Market Indicators Bearish
Despite this growth, SHIB investors had reasons for concern as SHIB’s on-chain metrics and market indicators remained bearish. The memecoin slid off the top crypto list and its market capitalization declined sharply last week according to CoinMarketCap data . Additionally, investor interest in trading it was also falling as reflected by its reduced volume and high net deposits on exchanges according to CryptoQuant data .
Money Flow Index Shows Decline
The bearishness became more evident when looking at Shiba Inu’s daily chart where its Money Flow Index (MFI) registered a decline over recent days. Its Exponential Moving Average (EMA) Ribbon was in favor of sellers as the 20-day EMA stayed under 55-day EMA at press time. While Chaikin Money Flow (CMF) showed signs of hope by increasing slightly, it may not be enough to keep SHIB afloat if things continue this way.
BONE Gains Different Trajectory
Surprisingly while SHIB’s weekly chart showed red signals , BONE’s token price increased by over 50% against BTC over past 7 days according to CoinGecko data . This could be attributed to OKEx listing BONE on June 18th along with Binance adding support for it earlier this month . It will be interesting to see how these two tokens progress in future amid growing competition from Dogecoin [DOGE] and other leading digital assets in terms of DeFi projects and user base development .
Overall while Shibarium achieved an impressive milestone with 25 million transactions, SHIB investors had reasons for concern due to bearish market indicators such as declining MFI and EMA ribbon favoring sellers . However , BONE gained different trajectory which is attributed mainly due to listings on major exchanges .