What rising activity on Shibarium means for SHIB



Title: SHIBA INU NETWORK ACTIVITY GROWS AS HOLDERS START TAKING PROFIT

The surge in Shibarium activity

The Shiba Inu cryptocurrency, SHIB, witnessed an increase in network activity last weekend. The Layer 2 (L2) network Shibarium saw a 52% increase in daily active accounts between November 11th and 13th. In addition, the number of new transactions executed on Shibarium increased by 19% during the same period. With 3.74 million total transactions completed on Shibarium by 30,000 accounts, it is evident that the network is gaining traction.

SHIB’s price momentum

After reaching its highest price level in two months, SHIB’s price has since experienced a slight correction, declining by 10%. However, the bulls remain in control of its spot market. The Directional Movement Index indicator on a 24-hour chart shows the positive directional index continuing to rest solidly above the negative directional index, indicating a strong upward trend in the price.

Indicator analysis

Despite profit-taking activity, day traders continue to accumulate SHIB tokens. Key momentum indicators remain above their neutral lines, signaling that buying activity continues to outpace token distribution in SHIB’s spot market. However, SHIB’s Chaikin Money Flow (CMF) has begun a descent, indicating a steady decrease in liquidity flow in the SHIB market. If the CMF falls below the zero line into negative territory, SHIB’s price might experience a severe decline.

Conclusion

As SHIB continues to gain traction, it is facing both bullish and bearish indicators. While network activity is growing, profit-taking activity has also begun to gain momentum. This presents an uncertain future for SHIB’s price, highlighting the need for caution and vigilance when investing in this cryptocurrency.



### News source: eng.ambcrypto.com

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