In the midst of a broader market decline impacting Shiba Inu’s performance, certain key metrics could influence its price trajectory for the week ahead.
The recent market turmoil has had a detrimental effect on the values of leading cryptocurrency assets, including Shiba Inu (SHIB). Currently priced at $0.00002220, this token with a canine theme has seen a decline of 1.42% over the past month, 6.6% in the last week, and 3.47% in the past 24 hours.
Three Vital Metrics to Observe This Week
The significant market downturn has also impacted three crucial metrics concerning SHIB: burn rate, Shibarium daily transaction count, and trends in whale adoption. Monitoring these metrics is essential as they could play a pivotal role in determining SHIB’s price movements in the coming week.
As of yesterday, the burn rate for Shiba Inu dropped by 74.5% within a 24-hour period, resulting in the burning of only 271,470 SHIB ($6). This amount burned is considered insufficient to have a positive influence on the price of Shiba Inu, given its substantial market cap of $13.08 billion.
Nevertheless, there has been a significant increase in SHIB burns in the early hours of today, with the burn rate skyrocketing by 2,814% over the past 24 hours. This surge translates to a daily burn of 7,912,388 (7.91 million) SHIB, valued at $175 based on the current exchange rate.
Another critical trend to keep an eye on is the total transaction count on Shibarium. The adoption rate of Shibarium has experienced a significant decline due to the recent market downturn, with the total transaction count dropping from 8,780 on June 5 to approximately 4,360 presently.
Furthermore, recent data from IntoTheBlock indicates a 41% decrease in whales’ interest in Shiba Inu.
A Potential Turnaround in SHIB Price
Despite the concerns raised by these metrics, there is a silver lining as they could set the stage for a potential reversal in SHIB’s price before the week concludes. This development may present an opportunity for new investors to acquire SHIB at discounted rates, potentially reigniting interest among whales.
In the meantime, major cryptocurrency exchanges such as Coinbase and Robinhood have been transferring substantial amounts of SHIB tokens over the past 24 hours. As previously noted, these platforms collectively moved 9.6 trillion SHIB in a single day, accounting for 1.62% of Shiba Inu’s circulating supply.
Disclaimer: This content is intended for informational purposes only and should not be construed as financial advice. The opinions expressed in this article are solely those of the author and do not necessarily reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.