Shiba Inu Tokens Record Double-Digit Increases; What could it mean for SHIB?

Shiba Inu tokens evaded slight market rises with notable increases in value
SHIB outperformed other major cryptocurrencies, but it wasn’t enough for long-term holders

Tokens under the Shiba Inu [SHIB] ecosystem registered double-digit increases in the last 24 hours, according to data from CoinMarketCap.

Price Tracking Platform Revealed Meme Governance Token, Bone ShibaSwap [BONE], registered a rise of 29.37%. doge slayer [LEASH]for its part, it registered an increase of 14.71% in the aforementioned period.

Read about Shiba Inu [SHIB] Price prediction 2023-24

Both tokens also saw volume increases by hundreds of percentages. The performance came after SHIB, through its official Twitter page, announced that it was about to launch a decentralized portal that would accommodate all the tokens in its ecosystem.

🦮 A special the countdown has begun. Please allow DNS to propagate properly, in case the website loads blank for some users, please try to load it again in a few minutes.

— Shib (@Shibtoken) December 18, 2022

SHIB Price Action Has This to Say

While SHIB might have been subdued for most of 2022, it proved that Dogecoin was still worth its while. [DOGE] alternative hype attached to it. This was because the meme coin followed BONE and LEASH in producing the best performance of the top 20 cryptocurrencies in said time period.

Based on its Directional Movement Index (DMI), the daily chart showed that the +DMI (green) made efforts to create bullish pressure. However, -DMI (red) exhibited stronger strength at 27.96. Conversely, the +DMI increase was still not enough to dominate the -DMI.

Therefore, the SHIB move could be measured as a false uptrend, as the signal showed potential to succumb to bearish pressure.

Source: TradingView

For this duration, the average directional index (ADX) was 24.39. Since it had not yet reached 25, the ADX (yellow) indicated a crossroads of supporting strength for the DMI. This implied that SHIB could go either way, even with the rally on record.

Bridges ahead but Shuba Inu won’t burn

Regardless of the skepticism about the direction of the price, Shiba Inu was unable to increase the commitment to his burning activity. According to shibburnthe 24-hour consumption rate had decreased by 26.67%.

The removal of SHIB from circulation was aimed at increasing the value of the token and rewarding the participant. However, such increases have not resulted in a price increase. Therefore, the decrease in burning, under no circumstances, affected the recent increase in SHIB.

On the social front, data from Santiment showed that SHIB saw a commensurate increase in attention from the crypto community. According to the on-chain platform, SHIB’s social domain increased to 2.986% on December 18. However, it had declined to 1,247% at press time.

Despite the increase in value, SHIB did not breathe for your investors. This was due to the Market Value to Realized Value (MVRV) ratio dropping to -14.53%. This condition can be good for long-term investors as it offers the opportunity to accumulate more at fair value.