{"id":602206,"date":"2024-04-09T21:00:45","date_gmt":"2024-04-09T21:00:45","guid":{"rendered":"https:\/\/www.wncen.com\/?p=602206"},"modified":"2024-06-11T07:56:41","modified_gmt":"2024-06-11T07:56:41","slug":"shiba-inu-shib-price-recover","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/shiba-inu-coin\/shiba-inu-shib-price-recover\/","title":{"rendered":"Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?"},"content":{"rendered":"

Shiba Inu (SHIB)<\/span><\/a> could be on the brink of a price recovery following a bullish reversal in <\/span>critical on-chain metrics<\/span><\/a>. This also includes the burn rate, with a recent development showing a sustained increase in the number of <\/span>SHIB tokens burned<\/span><\/a>.\u00a0<\/span><\/p>\n

Shiba Inu Demand Looks To Be On The Rise<\/h2>\n

There has been an increase in Shiba Inu whale activity these past few days. On-chain data <\/span>shows<\/span><\/a> the transfer of 1.7 trillion SHIB to a <\/span>Robinhood-linked wallet<\/span><\/a>. Transferring such an amount to a centralized exchange will usually raise fears about an incoming dump on the market, but that doesn\u2019t look to be the case this time around.\u00a0<\/span><\/p>\n

Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000<\/a><\/div>\n

Instead, Robinhood looks to be accumulating as many SHIB tokens as possible to meet customers\u2019 demand. This also seems to be the case with Binance, the largest crypto exchange by market share, which <\/span>recently transferred<\/span><\/a> over 464 billion SHIB from one of its wallets to another.<\/span><\/p>\n

These large transactions also come at a time when Bitcoinist <\/span>recently reported<\/span><\/a> a Shiba Inu whale that spent $19 million to purchase 692 billion SHIB. This whale in question also looks to be holding for the long term as they immediately transferred their SHIB holdings to a non-custodial wallet for safekeeping.\u00a0<\/span><\/p>\n

The increase in whale activity presents a bullish outlook for the Shiba Inu ecosystem, which could aid the meme coin\u2019s price recovery. SHIB had previously experienced a price dip thanks in part to multiple on-chain metrics, which turned red last week. One of those metrics included the number of large transactions on the network, which Bitcoinist <\/span>reported<\/span><\/a> had declined by over 10%.\u00a0<\/span><\/p>\n

Shiba Inu\u2019s Burn Rate Increases By Over 1,200%<\/h2>\n

Data<\/span><\/a> from the <\/span>burn tracking website Shibburn<\/span><\/a> shows that SHIB\u2019s burn rate has surged by 1287% in the last 24 hours, with 135 million tokens burnt during this period. Furthermore, there has been a sustained increase in these <\/span>SHIB burns<\/span><\/a>, with the burn rate rising by 129% in the last seven days.\u00a0<\/span><\/p>\n

Related Reading: Skybridge CEO Says Bitcoin Can Reach Half Of Gold Market, How Much Will BTC Be?<\/a><\/div>\n

This is significant considering these token burns’ impact on <\/span>SHIB\u2019s price<\/span><\/a>. The sustained increase in the SHIB burns is also undoubtedly a welcome development, considering the decline these past few weeks. Interestingly, the SHIB community has pulled this off while <\/span>Shibarium\u2019s daily transactions<\/span><\/a> continue to lag.\u00a0<\/span><\/p>\n

However, activity on the layer-2 network is expected to pick up soon as the <\/span>Shiba Inu team<\/span><\/a> actively promotes it. Decentralized Exchange (DEX) WoofSwap also recently <\/span>announced<\/span><\/a> that they have introduced the SHIB -314 token protocol on Shibarium, which could also help drive up the number of transactions on the network.\u00a0<\/span><\/p>\n

At the time of writing, SHIB is trading at around $0.00002884, up in the last 24 hours according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Shiba<\/p>\n

SHIB price holding $0.000028 | Source: SHIBUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from Finbold, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Shiba Inu (SHIB) could be on the brink of a price recovery following a bullish reversal in critical on-chain metrics. This also includes the burn rate, with a recent development showing a sustained increase in the number of SHIB tokens burned.\u00a0 Shiba Inu Demand Looks To Be On The Rise There has been an increase in Shiba Inu whale activity these past few days. On-chain data shows the transfer of 1.7 trillion SHIB to a Robinhood-linked wallet. Transferring such an amount to a centralized exchange will usually raise fears about an incoming dump on the market, but that doesn\u2019t look to be the case this time around.\u00a0 Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000 Instead, Robinhood looks to be accumulating as many SHIB tokens as possible to meet customers\u2019 demand. This also seems to be the case with Binance, the largest crypto exchange by market share, which recently transferred over 464 billion SHIB from one of its wallets to another. These large transactions also come at a time when Bitcoinist recently reported a Shiba Inu whale that spent $19 million to purchase 692 billion SHIB. This whale in question also looks to be holding for the long term as they immediately transferred their SHIB holdings to a non-custodial wallet for safekeeping.\u00a0 The increase in whale activity presents a bullish outlook for the Shiba Inu ecosystem, which could aid the meme coin\u2019s price recovery. SHIB had previously experienced a price dip thanks in part to multiple on-chain metrics, which turned red last week. One of those metrics included the number of large transactions on the network, which Bitcoinist reported had declined by over 10%.\u00a0 Shiba Inu\u2019s Burn Rate Increases By Over 1,200% Data from the burn tracking website Shibburn shows that SHIB\u2019s burn rate has surged by 1287% in the last 24 hours, with 135 million tokens burnt during this period. Furthermore, there has been a sustained increase in these SHIB burns, with the burn rate rising by 129% in the last seven days.\u00a0 Related Reading: Skybridge CEO Says Bitcoin Can Reach Half Of Gold Market, How Much Will BTC Be? This is significant considering these token burns’ impact on SHIB\u2019s price. The sustained increase in the SHIB burns is also undoubtedly a welcome development, considering the decline these past few weeks. Interestingly, the SHIB community has pulled this off while Shibarium\u2019s daily transactions continue to lag.\u00a0 However, activity on the layer-2 network is expected to pick up soon as the Shiba Inu team actively promotes it. Decentralized Exchange (DEX) WoofSwap also recently announced that they have introduced the SHIB -314 token protocol on Shibarium, which could also help drive up the number of transactions on the network.\u00a0 At the time of writing, SHIB is trading at around $0.00002884, up in the last 24 hours according to data from CoinMarketCap.\u00a0 SHIB price holding $0.000028 | Source: SHIBUSDT on Tradingview.com Featured image from Finbold, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":602224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,89178,84473,83667,89157,86437,84562,84558],"class_list":["post-602206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nShiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?<\/title>\n<meta name=\"description\" content=\"Shiba Inu (SHIB) could be on the brink of a price recovery following a bullish reversal in critical on-chain metrics.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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