Shiba Inu (SHIB) Faces Price Drop Amid Market Decline: Key Metrics to Watch

  • Recent market downturns have significantly impacted the prices of key cryptocurrencies, including Shiba Inu (SHIB).
  • Currently trading at $0.00002220, this dog-themed memecoin has experienced a decline of 1.42% over the month, 6.6% in the last week, and 3.47% in the last 24 hours.
  • Notable metrics such as the burn rate of SHIB, Shibarium daily transactions, and whale adoption trends have also been affected by the market downturn.

Explore the key metrics impacting Shiba Inu’s price, from burn rates to whale trends, in this comprehensive analysis of the current crypto landscape.

Key Metrics to Monitor for Shiba Inu (SHIB)

As of yesterday, Shiba Inu’s burn rate saw a drastic decline of 74.5% over a 24-hour period, with only 271,470 SHIB burned. This amount is insufficient to positively influence the price of Shiba Inu, which currently has a market cap of $13.08 billion.

Shibarium Adoption Rates

The adoption rates of Shibarium have also faced a significant drop due to the recent market downturn. Recent figures reveal that the total number of Shibarium transactions has decreased from 8,780 on June 5 to approximately 4,360.

Potential for Price Recovery

Despite these negative trends, there is potential for a price recovery before the weekend. New investors might view the current low prices as an opportunity to buy SHIB, which could revive whale interest in the memecoin.

Additionally, leading cryptocurrency exchanges like Coinbase and Robinhood have been making large SHIB token transactions over the past 24 hours. These two platforms moved a staggering 9.6 trillion SHIB in a single day, equivalent to 1.62% of Shiba Inu’s circulating supply.

Conclusion

In summary, while Shiba Inu (SHIB) has faced significant declines in various metrics, there is still potential for a rebound. Investors are advised to keep a close eye on burn rates, Shibarium adoption, and whale movements to gauge the future performance of this memecoin.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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