The anticipation by Shiba Inu (SHIB) bulls to start the week on a bullish note might not be going exactly as planned, as the meme coin has joined the general bearish downtrend on the market today. According to data from CoinMarketCap, Shiba Inu is down by 4.43% to $0.0000071, a price level that is an elongation of the 7.89% week-to-date (WTD) price drop.
SHIB on-chain bullish data
Despite the obvious price slump, there are three fundamental pieces of on-chain data that indicate positive momentum might be underway for Shiba Inu in the short term. One of the most obvious is the total SHIB trading volume. At the time of writing, the trading volume is up by more than 61.376%, a figure that underscores the buying momentum despite the current gloom on the market.
Besides this, the overall large transaction volume of SHIB is up by more than 229% in the past week as well. According to the definition from IntoTheBlock, large transactions are defined as those worth $100,000 or more. By this metric, a total large transaction of $9.08 million has been registered in the past week.
The buying outlook according to this update is proof that the positive SHIB sentiment is ingrained across a broad spectrum of the community featuring both retail and institutional/high networth accounts.
Besides these two metrics, Shibarium's steadily growing transaction count is also a testament to the readiness of Shiba Inu to chart a revival course in the near term. As reported earlier by U.Today, the Shibarium daily transaction count is approaching the benchmark of two million, an impressive milestone for a protocol that was floated just weeks ago.
More Shiba Inu bullish sentiment
Shiba Inu currently has very robust positive sentiment among its community members, owing to the steady growth of Shibarium. In all, the positive performance of all tokens within the SHIB ecosystem and their associated positive sentiment are bound to drive the price of the meme coin to new highs.