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Shiba Inu

Multiple Shiba Inu Metrics Turn Green, Is A Recovery Coming?

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Despite recent price declines, doggy-themed meme coin Shiba Inu (SHIB) has shown marked improvement in its performance, as several key metrics for the cryptocurrency have turned green. This bullish development could be an indication of a potential price recovery from bearish trends in the popular meme coin.

Shiba Inu’s Metrics Show Positive Momentum

Shiba Inu, the second-largest meme coin by market capitalization, has recorded a significant uptick in several critical metrics, suggesting the possibility of a shift in market sentiments. 

IntoTheBlock’s data shows that the aggregated 7-day volume of Shiba Inu’s large transactions holding $100,000 or greater has surged by a whopping 430%, skyrocketing to $32.5 million. Based on Shiba Inu’s network growth and large transactions, IntoTheBlock has flagged the cryptocurrency as incredibly bullish, highlighting a 0.22% increase in its net network growth. 

Related Reading: Renowned Economist Alex Kruger Reveals Why Investors Should Buy Bitcoin

Another crucial metric for Shiba Inu is its daily SHIB burn rate, which has seen significant gains. According to Shibburn, Shiba Inu burn rates have soared dramatically, witnessing a 7,334.38% increase, with over 2.37 million SHIB transferred to dead wallets. 

Moreover, CryptoQuant’s data reveals that inflows have significantly surpassed outflows in Shiba Inu’s exchange net flow over the past 30 days. This positive development indicates a potential shift from centralized exchanges towards self-custody methods. 

Previously, Shiba Inu experienced a major downward trend, declining by more than 10% at some point in July. Additionally, several key metrics for the cryptocurrency crashed severely, underscoring the cryptocurrency’s sluggish performance during market volatility. 

Shiba Inu’s open interest in June suffered a 40% crash, dropping from $135 million to $80 million. The daily transaction on the Shibarium network also crashed by about 50% previously, triggering a subsequent drop in the price of SHIB. 

The downward trend had also extended to SHIB’s burn rates, which witnessed a 98.79% decline, recording less than one million SHIB tokens burnt. Considering the substantial struggle Shiba Inu has faced in the past few months, the positive turnaround in its key metrics recently, brings new hope of a significant price recovery for the cryptocurrency.

Is SHIB On The Verge Of A Price Recovery?

More times than not, meme based cryptocurrencies are susceptible to slight market changes and bullish trends. A positive shift in market sentiment could unexpectedly trigger a bull rally for meme coins, while a negative trend could potentially induce substantial declines.   

Related Reading: Crypto Analyst Uses Historical Data To Predict When Bitcoin Price Will Reach $200,000

Despite the recent uptick in its key metrics, Shiba Inu’s price continues to trade sideways, plummeting by 5.22% over the past week and 2.76% in the last seven days. CoinMarketCap reports that the cryptocurrency’s 24-hour trading volume is also down by 16.07%, indicating a possible decrease in demand for the meme coin. 

On the flip side, Shiba Inu’s improved metrics may signal a potential recovery on the horizon. Crypto exchange, Changelly also maintains a bullish outlook for the popular meme coin, predicting an increase to $0.0000263 from a current price of $0.000016 by August.

Shiba Inu price chart from Tradingview.com
SHIB price recovers | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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