Thanks to their bullish price action, positive sentiment around both memecoins spiked over the last few days. Shiba Inu’s daily active addresses also spiked on 28 July. Nonetheless, SHIB’s network growth went down, suggesting fewer new addresses were created to transfer the memecoin.As the Shibarium mainnet launch draws near, hype around it continues to rise. This is directly reflected in BONE’s chart, which will have a major role to play in Shibarium.
The MACD revealed that the bulls were leading the market. DOGE’s Money Flow Index was also increasing, which was a development in the buyers’ favor.Shiba Inu’s on-chain metrics also looked pretty bullish. The memecoin’s exchange reserve was declining, which implied that it was not under selling pressure. However, as per’s RSI was in an overbought zone. This can initiate selling pressure and, in turn, decrease its price.