With the broader market downturn affecting Shiba Inu performance, these three key metrics could potentially impact its price this week.
The recent bloodbath in the market has wreaked havoc on the prices of top crypto assets, including Shiba Inu (SHIB). At the current rate of $0.00002220, the dog-themed token is down 1.42% in the monthly charts, 6.6% in the past seven days, and 3.47% over the last 24 hours.
3 Key Metrics to Watch This Week
The massive collapse has also affected three key metrics around SHIB, including burn rate, Shibarium daily transaction count, and whale adoption trends. It is imperative to monitor these metrics as they could determine SHIB’s price action this week.
As of yesterday, Shiba Inu’s burn rate slumped 74.5% in the 24-hour timeframe, with only 271,470 SHIB ($6) burned. The amount burned yesterday is insufficient to positively impact the price of Shiba Inu, which has a whopping market cap of $13.08 billion.
However, SHIB burns gained momentum in the early hours of today, with the burn rate soaring 2,814% over the past 24 hours. This represents a daily burn of 7,912,388 (7.91 million) SHIB, worth $175 at the current exchange rate.
Another significant trend to watch is Shibarium’s total transaction count. Notably, Shibarium’s adoption rate has plunged heavily due to the recent market downturn. Latest data suggests that the Shibarium adoption rate has continued to slip to lower levels. Shibarium’s total transaction count, which stood at 8,780 on June 5, is currently around 4,360.
Also, whales’ interest in Shiba Inu has slumped recently, plunging by 41%, according to data from IntoTheBlock.
A Potential Reversal in SHIB Price
Although these metrics stir concerns among investors, the upside is that they could pave the way for a potential reversal in SHIB price before the end of this week.
Interestingly, new investors could see this as an opportunity to acquire SHIB at discounted prices, potentially prompting a renewal of interest among whales.
Meanwhile, top crypto exchanges, including Coinbase and Robinhood, have been shuffling huge amounts of SHIB tokens over the past 24 hours. As reported earlier, these two trading platforms moved 9.6 trillion SHIB in one day, marking 1.62% of Shiba Inu’s circulating supply.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
