As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market of 2018, I’ve learned to read between the lines when it comes to meme coins like Shiba Inu (SHIB). While recent price declines have left many investors barking up the wrong tree, the latest developments in SHIB’s performance have piqued my interest.
Despite a drop in prices, Shiba Inu (SHIB), the dog-themed meme coin, has seen significant growth in its performance. This is evident in the positive shifts in various important indicators for this cryptocurrency, suggesting a possible reversal from the bearish market trend in the popular meme coin, potentially signaling a price increase.
Shiba Inu’s Metrics Show Positive Momentum
The digital currency known as Shiba Inu, which ranks second among meme coins based on market value, has experienced a notable increase in key performance indicators, potentially indicating a change in investor attitudes.
According to data from IntoTheBlock, the total value of large Shiba Inu transactions ($100,000 or more) over a 7-day period has experienced a massive 430% increase, reaching approximately $32.5 million. This significant jump in large transactions, along with Shiba Inu’s expanding network, has led IntoTheBlock to identify the cryptocurrency as extremely bullish. Moreover, they have noted a slight upward trend of 0.22% in its net network growth.
A key indicator for Shiba Inu is its daily rate of SHIB tokens being burned, which has experienced substantial growth as per Shibburn data. Remarkably, the burning rate of Shiba Inu has surged an astounding 7,334.38%, with over 2.37 million SHIB tokens being moved to inactive wallets.
Furthermore, CryptoQuant’s data shows that there has been a substantial increase in inflows compared to outflows in Shiba Inu’s exchange net flow over the last month. This encouraging trend suggests a possible move away from centralized exchanges and towards self-custody solutions.
Earlier in July, Shiba Inu underwent a significant drop, falling over 10%. Moreover, crucial indicators of this digital currency took a heavy hit, indicating that Shiba Inu struggled to keep pace during market turbulence.
As a researcher studying the Shiba Inu ecosystem, I recently observed a significant decline in the open interest for Shiba Inu in June, which took a tumble by approximately 40%. This massive drop brought the total down from a peak of $135 million to $80 million. Furthermore, daily transactions on the Shibarium network experienced a similar slump, plummeting roughly 50% beforehand. Consequently, this downturn in activity seems to have precipitated a subsequent decrease in the value of SHIB.
The decrease in value has also affected SHIB‘s burn rates significantly, with a 98.79% drop observed, resulting in fewer than one million SHIB tokens being destroyed. Given Shiba Inu’s recent challenges over the past few months, the recent improvement in its vital statistics offers renewed optimism for a potential substantial price increase in the cryptocurrency.
Is SHIB On The Verge Of A Price Recovery?
In most cases, meme-based cryptocurrencies tend to be sensitive to minor market fluctuations and market trends. A favorable change in investor sentiment might unexpectedly spark a bull run for these coins, whereas an unfavorable trend could lead to significant drops.
Although Shiba Inu has shown improvement in its crucial statistics, its value remains stagnant, dropping by 5.22% in the last week and an additional 2.76% in the past seven days. According to CoinMarketCap, this downturn is also reflected in a decrease of 16.07% in Shiba Inu’s 24-hour trading volume, suggesting a potential dip in interest for the popular meme coin.
From my perspective as a crypto investor, it appears that Shiba Inu’s enhanced performance indicators could be pointing towards a possible rebound in the near future. Notably, Changelly, a well-known crypto exchange, expresses optimism regarding the meme coin, forecasting a potential rise to $0.0000263 from its current price of $0.000016 by August.
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2024-08-01 06:12