The recent market downturn has harmed the prices of leading crypto assets, including Shiba Inu (SHIB).
The recent market downturn has harmed the prices of leading crypto assets, including Shiba Inu (SHIB). Currently priced at $0.00002220, the dog-themed memecoin has dropped by 1.42% on the monthly charts, 6.6% over the last seven days, and 3.47% in the past 24 hours.
The major crash has also impacted three key metrics related to SHIB: the burn rate, Shibarium’s daily transaction count, and whale adoption trends. Monitoring these elements is crucial as they could determine SHIB’s price movement this week.
Important Metrics to Monitor for Shiba Inu (SHIB)
As of yesterday, Shiba Inu’s burn rate dropped by 74.5% within a 24-hour period, with only 271,470 SHIB burned. The amount burned on June 10 was insufficient to positively impact Shiba Inu’s price, which has a market cap of $13.08 billion.
However, SHIB burns gained momentum earlier today, with the burn rate increasing by 2,814% in the past 24 hours. This represents a daily burn of 7,912,388 (7.91 million) SHIB, equivalent to $175 at the current exchange rate.
Another important trend to watch is the total transaction count of Shibarium. Notably, Shibarium’s adoption rate has significantly declined due to the recent market downturn. Recent data indicates that Shibarium’s adoption rate continues to fall, with the total transaction count dropping from 8,780 on June 5 to around 4,360 currently.
While these metrics raise concerns among investors, the positive side is that they could pave the way for a potential rebound in SHIB’s price before the end of this week. Interestingly, new investors may see this as an opportunity to buy SHIB at discounted prices, potentially sparking renewed interest among whales.
Additionally, leading crypto exchanges, including Coinbase and Robinhood, have been moving large amounts of SHIB tokens in the past 24 hours. As previously reported, these two trading platforms transferred 9.6 trillion SHIB in one day, which accounts for 1.62% of Shiba Inu’s circulating supply.