Shiba Inu (SHIB) could be headed for its strangest week so far this month as many of its vital metrics are starting off on a bearish basis. In addition to the price of Shiba Inu which is fell 0.21% In 24 hours, its burn rate, Shibarium transaction count, and whale accumulation trends have also decreased today.
Shiba Inu (SHIB) could be headed for its strangest week so far this month as many of its vital metrics are starting off on a bearish basis. In addition to the price of Shiba Inu which is fell 0.21% In 24 hours, its burn rate, Shibarium transaction count, and whale accumulation trends have also decreased today.
Shiba Inu Metrics to Consider
It is not unusual for Shiba Inu to have intense metric fluctuations. Regarding its price, the community is already accustomed to erratic trends; However, when it comes to the three aforementioned metrics, better is anticipated across the board.
Alex DovbnyaAt the time of writing, the burning rate has been reduced by 74.50%, with a total of 271,470 SHIB incinerated. This burned SHIB has a dollar value of only $6. This is extremely poor for a project whose market capitalization exceeds $13.6 billion.
In addition to this burn rate, the market should also keep an eye on transactions on Shibarium. In confirmation that Shibarium is going down as previously reported, engagement is at its lowest level in the past, with 2,990 transactions recorded in the last 24 hours.
Shiba Inu whales also appear to be guarding their swords, as data from IntoTheBlock shows this metric dropped by 41% overnight.
Bullish turn
While these metrics are concerning at the moment, they could also indicate a major drop that may ultimately reverse the trend, pushing SHIB into a much better position before the week ends.
Arman ShirinyanThis is not unusual, as once there is a significant drop in price, sellers become exhausted and more buyers could enter the market to take advantage of the discount generated. If this happens, Shiba Inu could erase some of its losses, generate an epic rally in burn rate, and welcome whale traders back into its fold.
