{"id":631985,"date":"2024-07-29T20:00:28","date_gmt":"2024-07-29T20:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=631985"},"modified":"2024-07-29T10:24:08","modified_gmt":"2024-07-29T10:24:08","slug":"shiba-inu-nvt-ratio-0-00003","status":"publish","type":"post","link":"https:\/\/wncen.com\/shiba-inu\/shiba-inu-nvt-ratio-0-00003\/","title":{"rendered":"Shiba Inu\u2019s NVT Ratio Sees Drastic Increase, Is A Rise To $0.00003 Still Possible?"},"content":{"rendered":"

The Shiba Inu (SHIB)<\/span><\/a> network value to transactions (NVT) ratio has come into focus, with the meme coin currently enjoying an uptrend. However, this metric suggests that <\/span>Shiba Inu<\/span> could soon hit a roadblock on its journey to $0.00003.\u00a0<\/span><\/p>\n

Shiba Inu NVT Ratio Is On The Rise<\/h2>\n

Data from the on-chain market intelligence platform <\/span>Glassnode<\/span><\/a> shows that Shiba Inu\u2019s NVT has witnessed a massive increase and is currently way ahead of the meme coin\u2019s price. This is significant as it presents a <\/span>bearish outlook<\/span><\/a> for Shiba Inu and hints at a potential price correction for the meme coin.\u00a0<\/span><\/p>\n

Related Reading: This Bitcoin Mining Giant Just Spent $100 Million To Buy BTC<\/a><\/div>\n
\"Shiba
Source: Glassnode<\/figcaption><\/figure>\n

The NVT ratio isn\u2019t the only metric that Shiba Inu investors should be concerned about. <\/span>Data<\/span><\/a> from the market intelligence platform <\/span>IntoTheBlock<\/span><\/a> shows that Shiba Inu\u2019s correlation with Bitcoin has drastically reduced since the flagship crypto began to enjoy an impressive rebound.\u00a0<\/span><\/p>\n

Before now, Shiba Inu\u2019s correlation with Bitcoin was over 0.9, which indicated a strong positive price correlation. However, that figure has now dropped to 0.52, indicating a lesser correlation between both prices. Additionally, only about 51% of <\/span>Shiba Inu holders<\/span><\/a> are currently in the money, which means the meme coin is at risk of significant sell-offs as the remaining 49% that aren\u2019t in the money look to break even once the meme coin records higher prices.\u00a0<\/span><\/p>\n

\"SHIB
Source: IntoTheBlock<\/figcaption><\/figure>\n

However, some other on-chain metrics paint a bullish picture for Shiba Inu, which could help avert such price correction and help sustain the meme coin\u2019s current uptrend. One is the notable increase in Shiba Inu\u2019s large transactions, suggesting that <\/span>crypto whales<\/span><\/a> might be accumulating the meme coin in anticipation of higher prices.\u00a0<\/span><\/p>\n

Data from IntoTheBlock shows an increase of over 2% in these large transactions over the last seven days. Further data shows that 365.69 billion SHIB have been traded in the last 24 hours. Meanwhile, these <\/span>large transactions<\/span><\/a> recorded a seven-day high on July 22, when these investors traded 2.14 trillion SHIB.\u00a0<\/span><\/p>\n

\"SHIB
Source: IntoTheBlock<\/figcaption><\/figure>\n

A Rise To $0.00003 Is Still Possible<\/h2>\n

Crypto analyst Javon Marks<\/span><\/a> recently provided a bullish narrative for Shiba Inu, predicting that the meme coin could rise above $0.00003 soon enough. He <\/span>stated<\/span><\/a> that SHIB has confirmed a macro Hidden Bullish Divergence with its <\/span>Relative Strength Index (RSI)<\/span><\/a>, which indicates that a full recovery and continuation of its bull rally may be on the horizon.\u00a0<\/span><\/p>\n

Related Reading: Technical Indicators Show Strong Bitcoin Bullishness \u2013 New ATH On The Horizon?<\/a><\/div>\n

He added that this <\/span>confirmation<\/span><\/a> sets Shiba Inu for a price recovery of over 162%, sending its price to the $0.0000456 range. Interestingly, Marks also claimed that <\/span>Shiba Inu<\/span> might rally further as it could break out of a larger resisting structure, putting a price target of $0.000081 in sight.\u00a0<\/span><\/p>\n

\"Shiba
Source: X<\/figcaption><\/figure>\n

At the time of writing, Shiba Inu is trading at around $0.00001718, up over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Shiba
SHIB price sitting at $0.000017 | Source: SHIBUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Shiba Inu (SHIB) network value to transactions (NVT) ratio has come into focus, with the meme coin currently enjoying an uptrend. However, this metric suggests that Shiba Inu could soon hit a roadblock on its journey to $0.00003.\u00a0 Shiba Inu NVT Ratio Is On The Rise Data from the on-chain market intelligence platform Glassnode shows that Shiba Inu\u2019s NVT has witnessed a massive increase and is currently way ahead of the meme coin\u2019s price. This is significant as it presents a bearish outlook for Shiba Inu and hints at a potential price correction for the meme coin.\u00a0 Related Reading: This Bitcoin Mining Giant Just Spent $100 Million To Buy BTC The NVT ratio isn\u2019t the only metric that Shiba Inu investors should be concerned about. Data from the market intelligence platform IntoTheBlock shows that Shiba Inu\u2019s correlation with Bitcoin has drastically reduced since the flagship crypto began to enjoy an impressive rebound.\u00a0 Before now, Shiba Inu\u2019s correlation with Bitcoin was over 0.9, which indicated a strong positive price correlation. However, that figure has now dropped to 0.52, indicating a lesser correlation between both prices. Additionally, only about 51% of Shiba Inu holders are currently in the money, which means the meme coin is at risk of significant sell-offs as the remaining 49% that aren\u2019t in the money look to break even once the meme coin records higher prices.\u00a0 However, some other on-chain metrics paint a bullish picture for Shiba Inu, which could help avert such price correction and help sustain the meme coin\u2019s current uptrend. One is the notable increase in Shiba Inu\u2019s large transactions, suggesting that crypto whales might be accumulating the meme coin in anticipation of higher prices.\u00a0 Data from IntoTheBlock shows an increase of over 2% in these large transactions over the last seven days. Further data shows that 365.69 billion SHIB have been traded in the last 24 hours. Meanwhile, these large transactions recorded a seven-day high on July 22, when these investors traded 2.14 trillion SHIB.\u00a0 A Rise To $0.00003 Is Still Possible Crypto analyst Javon Marks recently provided a bullish narrative for Shiba Inu, predicting that the meme coin could rise above $0.00003 soon enough. He stated that SHIB has confirmed a macro Hidden Bullish Divergence with its Relative Strength Index (RSI), which indicates that a full recovery and continuation of its bull rally may be on the horizon.\u00a0 Related Reading: Technical Indicators Show Strong Bitcoin Bullishness \u2013 New ATH On The Horizon? He added that this confirmation sets Shiba Inu for a price recovery of over 162%, sending its price to the $0.0000456 range. Interestingly, Marks also claimed that Shiba Inu might rally further as it could break out of a larger resisting structure, putting a price target of $0.000081 in sight.\u00a0 At the time of writing, Shiba Inu is trading at around $0.00001718, up over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83740],"tags":[83668,89178,84473,83667,89157,86437,84562,84558],"class_list":["post-631985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu","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\u2019s NVT Ratio Sees Drastic Increase, Is A Rise To $0.00003 Still Possible?<\/title>\n<meta name=\"description\" content=\"The Shiba Inu (SHIB) network value to transactions (NVT) ratio has come into focus, with the meme coin currently enjoying an uptrend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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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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