Bitrabo Editorial
Shiba Inu (SHIB), despite recent price drops, has shown positive signs as key metrics for the cryptocurrency have turned green. This could suggest a potential shift towards a recovery from the bearish trends the meme coin has been experiencing.
Positive Momentum in Shiba Inu’s Metrics
Recent data reveals significant improvements in Shiba Inu’s performance, indicating a possible change in market sentiments. Notably, large transactions for SHIB have surged by 430%, reaching $32.5 million. Additionally, the network growth and large transactions have been highlighted as incredibly bullish, with a 0.22% increase in net network growth.
Shiba Inu’s daily burn rate has also seen substantial gains, with over 2.37 million SHIB transferred to dead wallets, marking a significant increase. Moreover, there has been a notable shift towards self-custody methods as inflows have exceeded outflows in Shiba Inu’s exchange net flow over the past month.
Previously, Shiba Inu faced a downward trend with major declines in various metrics, indicating sluggish performance during market volatility. However, the recent positive turnaround in key metrics offers hope for a significant price recovery for the cryptocurrency.
Possibility of Price Recovery for SHIB
Meme-based cryptocurrencies like SHIB are often influenced by market changes and trends. Despite recent price fluctuations and a decrease in trading volume, the improved metrics for Shiba Inu may signal a potential price recovery on the horizon.
While Shiba Inu’s price has been trading sideways with slight declines recently, there is still optimism for a positive outlook. Changelly, a crypto exchange, predicts a potential increase in SHIB’s price by August, further adding to the positive sentiment surrounding the popular meme coin.