Shiba Inu, the popular meme coin, has been struggling lately. But recently, some key metrics have started to look good, hinting at a possible turnaround.
Positive Signs for Shiba Inu
- Large Transactions Up: The number of big transactions (over $100,000) on the Shiba Inu network has exploded by a whopping 430%! This suggests strong interest from investors.
- Burning More SHIB: The amount of Shiba Inu tokens being “burned” (taken out of circulation) has skyrocketed. This could potentially increase the value of the remaining tokens.
- More Self-Custody: More people are holding their Shiba Inu tokens in their own wallets instead of on exchanges. This is generally seen as a positive sign for the long-term health of a cryptocurrency.
A Look Back at Shiba Inu’s Struggles
Things haven’t always been rosy for Shiba Inu. Earlier this year, the coin saw a big drop in price and some important metrics took a dive:
- Open Interest Down: The amount of money people were willing to bet on Shiba Inu’s price dropped significantly.
- Shibarium Network Slowdown: The number of transactions on the Shibarium network (a platform built for Shiba Inu) decreased by half.
- Burn Rate Plunged: The amount of Shiba Inu tokens being burned plummeted.
Is a Price Recovery on the Horizon?
Despite the recent positive metrics, Shiba Inu’s price hasn’t taken off yet. It’s still trading sideways, and the trading volume is down.
However, some experts are optimistic. Changelly, a cryptocurrency exchange, predicts that Shiba Inu could rise to $0.0000263 by August.
It’s too early to say for sure if Shiba Inu is on the verge of a comeback. But the recent improvements in its key metrics are definitely a positive sign.
