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3 Key Shiba Inu (SHIB) Metrics to Watch This Week

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Mon, 10/06/2024 - 10:06
3 Key Shiba Inu (SHIB) Metrics to Watch This Week
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Shiba Inu (SHIB) might be heading for its strangest week thus far this month, as many of its vital metrics are starting off on a bearish footing. Besides the price of Shiba Inu which is down by 0.21% in 24 hours, its burn rate, Shibarium transaction count and whale accumulation trends are also down today.

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Shiba Inu metrics to watch

It is not unusual for Shiba Inu to have intense metric fluctuations. When it comes to its price, the community is already used to erratic trends; however, when it comes to the three aforementioned metrics, something better is anticipated across the board.

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At the time of writing, the burn rate is down by 74.50%, with a total of 271,470 SHIB incinerated. This burnt SHIB comes in at a dollar value of just $6. This is extremely poor for a project whose market capitalization is above $13.6 billion.

Besides this burn rate, the market also needs to keep an eye on transactions on Shibarium. In confirmation of Shibarium, slipping as reported earlier, engagement is at the lowest it has been in the past, with 2,990 transactions logged in the past 24 hours.

Shiba Inu whales also appear to be shielding their swords, as data from IntoTheBlock shows this metric is down by 41% overnight.

Bullish twist

While these metrics are concerning at the moment, they might also signal a major drawdown that can ultimately reverse the trend, pushing SHIB into a much better place before the week runs out.

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This is not unusual as once there is a significant depression in price, sellers have become exhausted, and more buyers might enter the market to take advantage of the discount generated. If this happens, Shiba Inu might erase some of its losses, print an epic rebound in burn rate and welcome whale traders back into its fold.

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