Tokens of the Shib ecosystem enjoyed a notable rally in the last 24 hours following an announcement on the official Twitter page of SHIB. According to the announcement, the SHIB handle mentioned that plans were being made to release a decentralized portal that would accommodate every token under its ecosystem.
According to data obtained from the price tracking platform, CoinMarketCap, BONE- the meme governance token of the ecosystem pulled a 29.37% rise while the token LEASH printed an increase of 14.71. Both tokens also amassed surges worth hundreds of percentages in volume.
SHIB also took a run within this timeframe, recording itself as the best-performing token among the top 20 cryptocurrencies. This feat proved that SHIB still had enough steam in it to remain the much-talked-about alternative to Dogecoin (DOGE).
Going by the numbers printed by the Directional Movement Index (DMI), the 24-hour chart for SHIB showed that the green candle had a push for upward pressure. The movement of the red candle however overpowered the positive DMI as the red candle showed a greater solid strength at 27.96.
SHIB’s uptrend movement could however be best perceived to be false as its signal showed a greater tendency to go downward than upward.
SHIB price holds steady amid all push
The price of Shiba Inu seems not to be affected positively in any way even with the token’s burn activity. According to Shibburn- a website where statistics on burning activity for the token can be viewed, the daily burn rate for the token had dropped by 26.67%.
This strategy of increasing the value of the token by removing it from circulation while giving rewards to participants has proved to have not much effect in increasing the token price. Data from Santiment, an OnChain crypto intelligence platform where social and financial analysis can be accessed however showed some interesting analytics about the SHIB token.
$SHIB December Rally!
A machine-learning algorithm has given out a Shiba Inu price prediction for December 31, 2022.
The forecast indicates that SHIB will trade with four ‘zeros’ in the indices by the end of the year, up from its current price of five ‘zeros’.$SHIB PUMP IT UP pic.twitter.com/iu2VSrN4GG
— Crypto Bezos (@BezosCrypto) December 19, 2022
According to the platform, there was an increase in the attention given to SHIB by the crypto community on December 18th. The platform recorded that SHIB’s social dominance experienced a surge to 2.986% on the said day. This value had however plunged to 1.247% at the time of writing.
Also read: Shiba Inu Announce 99,000 Digitized Lands In Its ‘Shiberse’ Metaverse