The launch of the Shiba Inu metaverse has sent positive ripples through the cryptocurrency market, driving up SHIB's price and generating increased bullish sentiment. While there are indications of potential overvaluation, the growing adoption and engagement with the metaverse platform suggest a promising future for SHIB.
SHIB 's weekly chart is currently green, with rising buying pressure on the token. This follows the long-awaited launch of its metaverse, a development that has the potential to significantly impact SHIB 's price. The metaverse allows users to own, trade, and develop virtual real estate recorded on the blockchain, as well as create personalized avatars with extensive customization options. Following the launch, SHIB 's price saw a surge, increasing by over 4% in a week.
However, the token's NVT ratio started to rise, indicating potential overvaluation and price corrections. Despite this, there has been a slight increase in buying pressure for SHIB, evidenced by a decrease in its supply on exchanges and a rise in its supply outside of exchanges. Large SHIB transactions have also seen a significant surge, with volumes exceeding $100,000 increasing three-fold in 24 hours. Additionally, the long/short ratio for SHIB on the 4-hour timeframe has sharply increased, suggesting a growing bullish sentiment around the token
SHIB Metaverse Cryptocurrency Bullish Sentiment Price Surge
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