As the Shibarium release approaches, Shiba Inu and Bone ShibaSwap prices have seen significant growth over the past seven days.​

  • SHIB’s market indicators and on-chain indicators reveal what factors work in its favor.​

  • Shibarium hype has also led to a bullish market.​

Shiba Inu [SHIB] has decoupled from the cryptocurrency market, with its daily and weekly charts painted green. Unlike most cryptocurrencies, SHIB has managed to push its price higher amid the bear market. The catalyst for this growth could be the upcoming Toronto ETH event, which will include an announcement regarding its much-hyped Shibarium.

Shiba Inu pictures are popular

While most of the cryptocurrency market remains affected by bearish sentiment, Shiba Inu has decoupled. According to CoinMarketCap, SHIB’s price has risen by more than 5% in the past 24 hours and 10% in the past week.

As of this writing, it is trading at $0.000008651 with a market cap of over $5.1 billion, making it the 14th largest cryptocurrency.

Along with the price increase, SHIB’s 24-hour trading volume also surged 34%, which is bullish. Looking at SHIB’s daily chart provides a better understanding of the factors supporting this surge.

The exponential moving average (EMA) bands showed a bullish crossover a few days ago. Moreover, the Shiba Inu’s relative strength index (RSI) gained upward momentum.

SHIB’s Chaikin Money Flow (CMF) also surged and broke above the neutral line.

Shiba Inu Still a Whale's Favorite

Interestingly, there has also been an increase in whale activity around SHIB, as evidenced by a spike in its number of whale transactions. Additionally, data from Whalestats shows that memecoin is also the most traded coin among the top 100 Ethereum whales in the past 24 hours.

The memecoin’s MVRV ratio has also increased due to the price increase. However, the drop in SHIB’s social volume is surprising considering its huge popularity. The metric has declined over the past few days.

Therefore, there are chances that the price trend of SHIB will turn bearish in the coming days.

While SHIB is enjoying a price increase, BONE ShibaSwap [BONE] has also had its share of price gains. Notably, BONE has outperformed SHIB on the weekly chart. Data from CoinMarketCap further noted that BONE rose more than 23% last week. At press time, its valuation is $1.65 with a market cap of over $379 million.

Shibarium Hype

While SHIB’s latest uptrend can be attributed to bullish market indicators and metrics, due credit should also be given to upcoming events. On August 15-16, the Ethereum Toronto event will take place where a major announcement from Shibarium is expected to be made.

As the event date approaches, Shibarium’s marketing team is leaving no stone unturned in promoting the initiative. LUCIE recently posted a tweet highlighting Shibarium’s goals and how the blockchain plans to integrate self-sovereign identity (SSI) into its protocol.

According to the tweet, the integration of SSI is intended to enhance Shibarium’s security. With SSI, users will be able to gain greater control over their digital identities, allowing them to securely manage and share personal data.

It will be interesting to see how SHIB and other tokens in its ecosystem react in the coming days as the hype continues to build.