As a researcher with experience in cryptocurrency markets, I’ve seen my fair share of volatile weeks for various projects, but Shiba Inu (SHIB) might be taking the cake this month. The downward trend across several key metrics is concerning, to say the least.
As an analyst, I’ve been closely monitoring the performance of Shiba Inu (SHIB) this month, and this week could prove to be one of the most intriguing yet, given the bearish signs emerging across several key metrics. The price of SHIB has dipped by 0.21% over the last 24 hours, but it’s not just the price that’s causing concern.
Shiba Inu metrics to watch
Shiba Inu often experiences significant variations in metrics such as price and other related factors. The unpredictable nature of these fluctuations is nothing new to the community. However, there’s optimism that improvements will be made across all three metrics mentioned.
Currently, the rate at which SHIB tokens are being burned has decreased by 74.50%, resulting in the incineration of 271,470 tokens worth roughly $6. Given that the project’s market capitalization exceeds $13.6 billion, this low rate of token burning is underperforming significantly.
Additionally, the number of transactions on Shibarium is another factor to consider aside from its burn rate. Unfortunately, there have been fewer engagements than anticipated, with only 2,990 recorded transactions within the last 24 hours.
Shiba Inu “whale” accounts seem to be protecting their investments, as evidenced by a 41% decrease in this indicator over the past night, according to IntoTheBlock’s data.
Bullish twist
As a researcher studying the SHIB token, I’ve noticed some troubling metrics recently. However, these indicators could potentially be warning signs of an impending correction, which, if it occurs, could lead to a significant recovery for SHIB and improve its position before the week concludes.
When the price significantly drops, sellers may feel exhausted and choose to exit the market. In turn, this situation could attract more buyers looking for discounts. If this occurs, Shiba Inu might recover some losses, experience a surge in burn rate, and entice large traders back into its community once again.
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2024-06-10 13:12