Shiba Inu’s Shibarium: Unpacking the shifting landscape of key metrics
Shiba Inu's Shibarium witnesses declining key metrics, including a drastic drop in the burn rate. However, SHIB's daily trend indicates a bullish upswing.
- Shibarium has seen a fall in the number of new and active accounts.
- SHIB continued to trend positively at press time.
Shiba Inu’s [SHIB] Shibarium has been experiencing increased activity, marked by a growing total number of transactions. Besides this surge in activity, what recent trends have the key indicators shown, and how has the SHIB token been performing?
Shibarium sees a drop in key metrics
According to the Shibarium scanner, at press time, the total number of transactions on the network had surpassed 3.6 million. Additionally, the cumulative growth of wallet addresses on the network stood at approximately 1.3 million.
However, upon closer examination of other metrics, it’s evident that certain indicators have shown a decline. Specifically, a look at the new account chart revealed a decrease in the number of new addresses on the network.
At the time of writing, there were 36 new accounts, whereas the 5th of November saw 39 new accounts.
Furthermore, the number of active accounts has dwindled over the past few days. The press time figure was 542, down from the over 560 observed the day before. Additionally, the number of new transactions has been on the decline in recent days.
This fall aligned with the declining trend in both active accounts and new accounts. As of now, the number of new transactions is around 10,500, displaying a noticeable downward trend.
Shiba Inu’s daily burn rate sees a drastic drop
An examination of the Shiba Inu burn rate per Shibburn revealed a significant drop within the last 24 hours. The data indicates that, as of this writing, less than 1 million SHIB has been burned in 24 hours.
Furthermore, the data suggested that the burn rate had plummeted by 88% at the time of this report. Over the last seven days, there has also been a more than 75% reduction in the burn rate.
It was initially anticipated that the launch of the Shibarium would contribute to increasing the token burn, but it appears that the full impact on the meme token has yet to materialize.
How much are 1,10,100 SHIBs worth today?
How did SHIB react?
A look at the daily trend of SHIB revealed a positive trajectory. The chart illustrated a series of upward movements in price over the past few days. At the time of this report, SHIB was trading with nearly a 1% increase in value.
Additionally, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators showed that it was in a bullish trend at the time of publication.
