Main navigation

Shiba Inu (SHIB) Crucial Metric Goes up Despite Price Plummeting

Mon, 09/11/2023 - 12:33
article image
Arman Shirinyan
Shiba Inu's fundamental on-chain metrics are on rise, but will it be enough?
Shiba Inu (SHIB) Crucial Metric Goes up Despite Price Plummeting
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Shiba Inu's price might be taking a nosedive, but do not let that fool you. The NVT (Network Value to Transactions) ratio, a key metric for evaluating a crypto asset's health, is on an upward trajectory. As of the latest data, Shiba Inu is trading at approximately $0.00000711. But here's the kicker: its NVT ratio is rising, signaling that the network's value is growing relative to the transaction volume.

What's the deal with Shiba Inu's profitability? Well, it has taken a hit, plummeting to a mere 9%. But do not rush to conclusions. The concentration of large holders, or "whales," stands at a staggering 77%. And guess what? Most of these whales are in it for the long haul. They are not just dabbling in Shiba Inu; they are committed.

shib chart
Source; TraidingView

Now, let's talk numbers. A recent price analysis reveals that Shiba Inu's current price is around $0.00000711. While this might not seem like much, it's crucial to look beyond the surface. The NVT ratio's upward movement suggests that the network is robust, even if the price isn't skyrocketing.

But there is another layer to this story. The DeFi landscape is undergoing seismic shifts, and Shiba Inu is no exception. With the rise of various DeFi platforms, Shiba Inu faces stiff competition. Yet, its rising NVT ratio indicates that it is holding its own, at least for now.

What's the takeaway here? Shiba Inu might not be breaking any records in terms of price, but it is far from down and out. The rising NVT ratio and the high concentration of long-term holders paint a more nuanced picture. They suggest that while the asset may not be soaring, it is certainly not sinking. And in the volatile world of crypto, that is saying something.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.