Connect with us
Active Currencies 14719
Market Cap $2,663,478,703,080.34
Bitcoin Share 51.49%
24h Market Cap Change $4.92

Assessing Shibarium as SHIB rides a recovery wave

2min Read

While the uptrend in price was starting, the number of active and new accounts on Shibarium fell. 

Shiba Inu Shibarium lights Up metrics as SHIB rides recovery wave

Share this article

  • Shibarium has seen mixed trends in accounts in the last three days.
  • SHIB sees consecutive positive trends.

The Shiba Inu [SHIB] Shibarium has recently displayed notable activity in key metrics, indicating a rising interest in the network. Simultaneously, SHIB witnessed a recovery over the past few days as interest in the network continues to grow.

Shibarium account excitements short-lived 

A recent analysis of key statistics for the Shiba Inu Shibarium revealed a surge in new and active accounts. The data showed a notable increase in new accounts between 6th and 7th February, rising from around 33 to 207.

However, the current count has decreased to 79 at the time of this writing, though it remained higher than previous weeks.

Additionally, the number of active accounts experienced a similar upward trend alongside the influx of new accounts. Between 6th and 7th February, the active account metric rose from 552 to 865.

Nevertheless, similar to the new account metric, it has seen a significant decline, currently at around 206. This current level marked the lowest observed in the past few weeks.

Shiba Inu embark on consecutive uptrends

The Shiba Inu price trend has shown resilience, maintaining a three-day consecutive increase according to the daily timeframe analysis. The uptrend started on 7th February with a 2.48% rise, followed by a 1.54% increase on 8th February.

At the time of this writing, SHIB was trading with an additional increase of over 1%, completing the three-day positive trend.

Shiba Inu daily timeframe price trend

Source: Trading View

This continuous upward movement has shifted SHIB into a bull trend, as indicated by its Relative Strength Index (RSI) being above the neutral line.

However, it’s worth noting that the price trend, while showing strength, was still below its short Moving Average (yellow line), indicating potential room for further development.


Realistic or not, here’s SHIB’s market cap in BTC terms


Shiba Inu sees a positive 24-hour burn rate

Shibburn data showed a positive turn in the Shiba Inu 24-hour burn rate, marking the first favorable outcome in a while. The 24-hour burn rate has surged by over 191%, with more than 7.6 million tokens burned.

However, the 7-day burn rate remained negative at the time of this writing. It has decreased by over 76%, with approximately 52.1 million tokens burned in the past week.

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.