Shibarium News: Shiba Inu to Launch a New Token “Treat” for Shibarium
After a long wait, Shiba Inu (SHIB) ecosystem revealed a major update about its much-anticipated Shibarium – A new token which is expected to be “Treat” is to launch for Shibarium, which will be the fourth token in SHIB’s ecosystem.
In December last year, Shiba Inu announced that BONE would be the token used as gas in Shibarium, which sparked excitement in the community. Now, with this new token, SHIB could gain further traction in the crypto community.
Will Shiba Inu price skyrocket with the new token of Shibarium?
Meanwhile, SHIB remained pretty popular among the whales. According to WhaleStats, a popular Twitter handle that posts updates related to whale activities, SHIB was listed in the top 10 most purchased tokens among the 5000 largest Ethereum whales.
This was good news as it reflected whales’ trust in the token. In addition, SHIB’s popularity was strengthened as it became one of the most watched cryptocurrencies on Binance in 2022, alongside Bitcoin (BTC) and Ethereum (ETH).
However, these developments did not yet reflect SHIB’s price action, as its chart was mostly painted red. According to CoinMarketCap, SHIB decreased by 4% on a weekly basis and, at the time of writing, it was valued at $0.00000837 with a market cap of over $4.5 billion.
Interestingly, a few of the on-chain metrics were supportive of SHIB and suggested the possibility of a price increase. For instance, CryptoQuant’s data showed that SHIB’s exchange reserve was decreasing, which was a positive signal as it indicated lower selling pressure.
Moreover, SHIB’s daily on-chain transactions in profit also recorded an increase. The meme coin’s velocity took the same path and rose over the last few days.
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While the above metrics looked positive, the rest of them did not look promising. SHIB’s active addresses and the number of transactions went down, which was a bearish signal.
On top of that, SHIB’s MVRV Ratio and network growth registered a sharp drop over the past week, further decreasing the chances of a northbound breakout.