Shiba Inu, the dog-themed token, has been negatively affected by the recent market downturn. Its price has decreased by 1.42% in the monthly charts, 6.6% in the past seven days, and 3.47% over the last 24 hours.
There are three key metrics that could impact the price of SHIB this week: burn rate, Shibarium daily transaction count, and whale adoption trends.
The burn rate of SHIB has recently seen a significant decrease, with only 271,470 SHIB burned in the last 24 hours. However, the burn rate has picked up in the early hours of today, with a 2,814% increase. This signifies a daily burn of 7.91 million SHIB, which could positively impact the price.
The adoption rate of Shibarium, a platform for Shiba Inu transactions, has dropped due to the market downturn. The total transaction count has decreased from 8,780 on June 5 to around 4,360 currently.
Whales, or major holders of SHIB, have shown a decreased interest in the token, with a 41% drop in their activity according to IntoTheBlock data.
Despite the concerns raised by these metrics, they could also create an opportunity for a potential price reversal in SHIB by the end of the week. This could attract new investors looking to acquire SHIB at discounted prices and renew interest among whales.
In addition, major exchanges like Coinbase and Robinhood have been trading significant amounts of SHIB in the past 24 hours, indicating movement and potential market activity.