- Shiba Inu (SHIB), the popular meme coin, has recently demonstrated notable improvements in various performance metrics.
- Despite its recent price declines, several indicators are now suggesting a potential bullish turnaround.
- Key data points reflecting this trend include substantial increases in large transaction volumes and SHIB burn rates.
Shiba Inu (SHIB) is showing signs of recovery as its key metrics improve, indicating a possible bullish trend. Discover how these developments might impact the future of this popular meme coin.
Shiba Inu’s Metrics Show Positive Momentum
Shiba Inu, the second-largest meme coin by market capitalization, has recently witnessed significant growth in several pivotal metrics. This uptick suggests a possible shift in market sentiment. According to IntoTheBlock, the aggregated 7-day volume of large transactions (transactions holding $100,000 or greater) for Shiba Inu has surged by an impressive 430%, reaching $32.5 million. IntoTheBlock’s data further highlights a 0.22% increase in Shiba Inu’s net network growth, flagging the cryptocurrency as particularly bullish.
Increased SHIB Burn Rate and Network Activity
Moreover, Shiba Inu’s daily SHIB burn rate has experienced substantial growth. As per Shibburn, the burn rate has skyrocketed by 7,334.38%, with over 2.37 million SHIB transferred to dead wallets. This trend is corroborated by CryptoQuant, which reports that inflows have greatly exceeded outflows in Shiba Inu’s exchange net flow over the past 30 days, suggesting a shift towards self-custody methods from centralized exchanges.
Historical Context and Recent Challenges
To understand the significance of these improvements, it’s essential to consider Shiba Inu’s recent performance. In July, Shiba Inu saw a substantial downward trend, losing more than 10% of its value. Key metrics also took a hit, with its open interest crashing 40% in June, falling from $135 million to $80 million. The daily transactions on the Shibarium network previously declined by about 50%, affecting the SHIB price negatively.
A Glimmer of Hope Despite Recent Declines
The downward trajectory didn’t spare the SHIB burn rates, which saw a 98.79% decline, resulting in fewer than one million SHIB tokens burned. Nevertheless, the recent upticks in large transactions, burn rates, and net flow provide a glimmer of hope for a potential price recovery. While Shiba Inu’s price has continued to trend sideways, dropping by 5.22% in the past week, these improved metrics could indicate a bullish shift.
Conclusion
In summary, Shiba Inu (SHIB) is experiencing a notable improvement in crucial performance metrics, indicating a possible bullish trend. While the price has remained relatively stable, the increase in large transactions, burn rates, and self-custody adoptions may signal positive future developments for this meme coin. Investors should watch these trends closely to gauge SHIB’s long-term potential.
