Potential Recovery For SHIB As Metrics Turn Green
Despite recent price drops, Shiba Inu (SHIB), the dog-themed meme coin, has shown notable improvements in key metrics, suggesting a potential price recovery after a period of decline.
Positive Metrics
As the second-largest meme coin by market capitalization, Shiba Inu has seen significant gains in several metrics. IntoTheBlock reports a 430% increase in the 7-day volume of large transactions, now at $32.5 million, and a 0.22% rise in net network growth, signaling bullish sentiment.
Shibburn also notes a dramatic 7,334.38% increase in SHIB burn rates, with over 2.37 million SHIB sent to dead wallets. Additionally, CryptoQuant shows that inflows into exchanges have greatly exceeded outflows, hinting at a shift towards self-custody methods.
Potential For Price Recovery
Previously, Shiba Inu experienced a decline, with key metrics dropping sharply in July. Open interest fell 40% to $80 million, and daily transactions on Shibarium dropped by 50%, contributing to a lower SHIB price. Burn rates also fell by 98.79% during this period.
Despite recent metric improvements, HIB has been relatively stable in terms of its price, with a 5.22% drop over the past week and a 16.07% decrease in 24-hour trading volume. However, the positive changes in metrics may signal a potential recovery. Crypto exchange Changelly predicts a rise to $0.0000263 by August, up from the current $0.000016.
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