Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?
2024年4月10日 - 6:00AM
NEWSBTC
Shiba Inu (SHIB) could be on the brink of a price recovery
following a bullish reversal in critical on-chain metrics. This
also includes the burn rate, with a recent development showing a
sustained increase in the number of SHIB tokens burned. Shiba
Inu Demand Looks To Be On The Rise There has been an increase in
Shiba Inu whale activity these past few days. On-chain data shows
the transfer of 1.7 trillion SHIB to a Robinhood-linked wallet.
Transferring such an amount to a centralized exchange will usually
raise fears about an incoming dump on the market, but that doesn’t
look to be the case this time around. Related Reading: Expert
Maps Out Timeline For The XRP Price To Cross $1,000 Instead,
Robinhood looks to be accumulating as many SHIB tokens as possible
to meet customers’ demand. This also seems to be the case with
Binance, the largest crypto exchange by market share, which
recently transferred over 464 billion SHIB from one of its wallets
to another. These large transactions also come at a time when
Bitcoinist recently reported a Shiba Inu whale that spent $19
million to purchase 692 billion SHIB. This whale in question also
looks to be holding for the long term as they immediately
transferred their SHIB holdings to a non-custodial wallet for
safekeeping. The increase in whale activity presents a
bullish outlook for the Shiba Inu ecosystem, which could aid the
meme coin’s price recovery. SHIB had previously experienced a price
dip thanks in part to multiple on-chain metrics, which turned red
last week. One of those metrics included the number of large
transactions on the network, which Bitcoinist reported had declined
by over 10%. Shiba Inu’s Burn Rate Increases By Over 1,200%
Data from the burn tracking website Shibburn shows that SHIB’s burn
rate has surged by 1287% in the last 24 hours, with 135 million
tokens burnt during this period. Furthermore, there has been a
sustained increase in these SHIB burns, with the burn rate rising
by 129% in the last seven days. Related Reading: Skybridge
CEO Says Bitcoin Can Reach Half Of Gold Market, How Much Will BTC
Be? This is significant considering these token burns’ impact on
SHIB’s price. The sustained increase in the SHIB burns is also
undoubtedly a welcome development, considering the decline these
past few weeks. Interestingly, the SHIB community has pulled this
off while Shibarium’s daily transactions continue to lag.
However, activity on the layer-2 network is expected to pick up
soon as the Shiba Inu team actively promotes it. Decentralized
Exchange (DEX) WoofSwap also recently announced that they have
introduced the SHIB -314 token protocol on Shibarium, which could
also help drive up the number of transactions on the network.
At the time of writing, SHIB is trading at around $0.00002884, up
in the last 24 hours according to data from CoinMarketCap.
SHIB price holding $0.000028 | Source: SHIBUSDT on Tradingview.com
Featured image from Finbold, chart from Tradingview.com
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