Shiba Inu [SHIB] headlines, ‘TREATE’ to this new update

• A new Shiba Inu ecosystem token will be released.
• SHIB continued to be popular with whales.

After a long wait, Shiba Inu [SHIB] revealed a major update to the meme coin ecosystem. With his latest ad, Shiba Inu implied at the launch of a new token for his long-awaited Shibarium.

The name of the yet to be released token, which is expected to be “Treat”, will be the fourth token in the SHIB ecosystem.

Source: Shibatoken

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

In December last year, Shiba Inu announced that BONE would be the token used as gas in Shibarium, which generated excitement in the community. Now, with this new token, SHIB could gain more traction in the crypto community.

Is Shiba Inu ready to go to the moon?

Meanwhile, SHIB remained quite popular with whales. According to WhaleStats, a popular Twitter user who posts updates related to whale activities, SHIB was on the list of the top 10 most purchased tokens among the 5,000 largest Ethereum whales.

This was good news, as it reflects the confidence of the whales in the token. Furthermore, SHIB’s popularity was bolstered by becoming one of the most viewed crypto assets on Binance in 2022, alongside Bitcoin. [BTC] and ethereum [ETH].

ONLY IN: $SHIB @Shibtoken now in the top 10 of tokens bought among the largest 5000 #ETH whales in the last 24hrs 🐳

we also have #auraBAL & $ SUSHI on the list 👀

Whale Classification: https://t.co/kOhHps8XBB#SHIB #whalestats #babywhale #BBW pic.twitter.com/Ljd3ullLEZ

— WhaleStats (crypto whale tracking) (@WhaleStats) December 19, 2022

However, these developments still did not reflect SHIB price action, as its chart was mostly painted in red. according to CoinMarketCapSHIB declined 4% on a weekly basis and was valued at $0.00000837 at the time of writing with a market capitalization of over $4.5 billion.

how many shiba inu [SHIB] can you get it for $1?

Interestingly, some of the on-chain metrics were supportive of SHIB and suggested the possibility of a price increase. For example, CryptoQuant data revealed that SHIB’s foreign exchange reserve was declining, which was a positive sign as it indicated less selling pressure.

In addition, SHIB’s daily on-chain transactions in profit also posted an increase. The speed of the meme coin took the same path and increased in the last few days.

Source: Feeling

caution suggested

Although the aforementioned metrics seemed bullish, the rest of them did not look promising. SHIB’s active addresses and the number of transactions decreased, which was a bearish sign.

On top of that, SHIB’s MVRV ratio and network growth posted a sharp decline over the past week, further diminishing the chances of a breakout to the north.

Source: Feeling

source: ambcrypto.com