Though the meme coin managed to register promising gains, bearish sentiment around it remained high. Was this pump only an outcome of the bullish market, or are metrics backing it?The last week was in investors’ best interest as Shiba Inu’s price value dropped by more than 5%. However, as the market turned bullish, Shiba Inu also benefited from it.At the time of writing, the meme coin was trading at $0.00002845 with a market capitalization of over $16 billion.
The fact that investors were buying SHIB was also proved by its Exchange Outflow, which spiked quite a few times last week.The price uptick also helped SHIB’s MVRV ratio improve, which indicated that the chances of a continued price uptick were high. However, the network-to-value ratio told a different story.
SHIB’s MACD also displayed a bearish upper hand in the market. Both of these indicators hinted at a price decline in the coming days.
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