Can this new Shibarium update help Shiba Inu [SHIB] on the price front? 

• SHIB’s price declined by more than 11% in the last 24 hours.
• SHIB’s exchange swerve was declining, indicating less selling pressure.

Shiba Inu [SHIB] has not shown any major activity in terms of price gains in the recent past. This has upset investors as they could not enjoy profits. However, as SHIB has been quite quick to respond to ecosystem related updates, a new Shibarium update can help turn the table in SHIB’s favor. 

Latest Shibarium update is here

LUCIE, in a tweet posted on 10 May 2023, revealed a new update related to Shiba Inu’s much talked about Shibarium.

The tweet mentioned that the Shiba Inu team was currently in the process of deploying both VOR and OoO on the Shibarium beta testnet.

#ShibariumBETA UPDATE May 2023

OoO& VOR Deployment on Shibarium testnet

“We are currently in the process of deploying both VOR and OoO on Shibarium beta testnet.
To date, we have deployed the FUND Test token on Shibarium beta testnet, and have successfully bridged L1 to L2. We… pic.twitter.com/CWwgC4j0ht

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 10, 2023

To date, the Shibarium team has deployed the FUND Test token on the Shibarium beta testnet and has successfully bridged L1 to L2.

Additionally, they have also successfully transferred FUND test tokens between L1 (Goerli) and L2.

The tweet also mentioned that the next stage will be to deploy the respective 000 and VOR Router smart contracts on Shibarium L2, and finally spin up the Oracle applications to serve data requests. 

Did Shiba Inu react? 

Though memecoins have a reputation of reacting pretty fast to the latest updates, the same was not true with SHIB this time. According to CoinMarketCap, SHIB’s price declined by more than 11% in the last seven days.

At the time of writing, it was trading at $0.000008864 with a market capitalization of more than $5 billion.

Shiba Inu’s popularity is declining

Not only did the price of the memecoin decline, but its popularity in the crypto space also fell, as evident from its social dominance. However, the good news was that SHIB’s MVRV Ratio improved slightly over the last few days, which can soon be reflected on SHIB’s price chart.

Moreover, Shiba Inu’s network growth was also high, indicating that more new wallet addresses were created last week. CryptoQuant’s data revealed that SHIB’s exchange reserve was decreasing. This implied that the token was not under selling pressure.

This can be expected…

As per CryptoQuant, SHIB’s Relative Strength Index (RSI) was in an oversold position at press time.

This was bullish, as it suggested that the token’s price could increase in the coming days. However, the market indicators suggested otherwise.

For example, SHIB’s Money Flow Index (MFI) registered a downtick.

The Exponential Moving Average (EMA) Ribbon also suggested that the bears were ahead of the bulls, which increased the possibility of a further downtrend. But, the memecoin’s Chaikin Money Flow (CFM) shot up, which is a bullish signal.