Shiba Inu emerges as the leader in the crypto world, topping the list of cryptocurrencies by trend searches. It even outshined the meme token that has recently taken the market by storm – PEPE. Should we consider this as an indicator of upcoming Shiba price surges?

Here are the top ten current trending searches🔍 on LunarCrush.

1️⃣ $shib
2️⃣ $pepe
3️⃣ $btc
4️⃣ $lunr
5️⃣ $vra
6️⃣ $comp
7️⃣ $chz
8️⃣ $ltc
9️⃣ $coval
🔟 $arbhttps://t.co/yOJ8UGK95Y pic.twitter.com/fdlPnWzrai

Shiba tokens have been the Whale’s favorite for a while. The trend has persisted as the altcoin remained the most traded coin by the leading 100 ETH whales over the past 24 hours. Moreover, Shiba Inu’s burn rate recorded an enormous uptick within the previous day. Shibburn tweeted that the asset’s burn rate skyrocketed by over 20,000%. 3,034,309,519 Shiba Inu tokens burned, along with two transactions, over the last 24 hours.

In the past 24 hours, there have been a total of 3,034,309,519 $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.

Investors had less to enjoy as Shiba Inu exhibited marginal price movements last week. Coinmarketcap data shows the Dogecoin competitor lost 0.38% over the past seven days. Shiba traded at $0.000008798 during this publication, with a $1.5B market cap. Nonetheless, upcoming sessions may bring positive news, as some indicators turned bullish.

Shiba Inu exhibited low deposits on exchanges compared to last week. That’s optimistic as it showed the token wasn’t under bearish pressure. Also, active addresses remained high, suggesting more usage. Further, Shiba Inu’s RSI exhibited oversold conditions.

That represented bullishness as it might magnify buying momentum, consequently pumping Shiba Inu’s price. Santiment confirmed slight improvements in the alt’s MVRV Ratio. Nonetheless, negative sensations surrounded Shiba, considering the declined weighted sentiment.

While Shiba Inu exhibited bullish metrics, market indicators suggest otherwise. The EMA (Exponential Moving Average) Ribbon showed bearish dominance, with the 20d EMA staying well beneath the 55d EMA. Also, the altcoin’s MFI (Money Flow Index) recorded a dip.

Nonetheless, the CMF (Chaikin Money Flow rested high, showing buyer favoritism. Also, the token experiences development that will likely trigger optimism. For instance, a renowned exchange, Tarmex, has revealed the listing of Shiba Inu’s BABYDOGE and BONE.

As Invezz previously reported, PEPE loses its momentum as the craze wanes. Despite the massive buzz and excitement surrounding PEPE, the latest meme coin’s peak performance remains low compared to the remarkable heights that Shiba and DOGE attained.

The post Shiba Inu (SHIB) outshines PEPE on trending searches, but here’s the catch appeared first on Invezz.

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