Shiba Inu On-Chain Metrics Have Seen Positive Developments Recently
Shiba Inu had been stuck in a sideways trend in July, but its price started to show strong upward momentum at the beginning of this month. The coin managed to rise almost 30% and breached the $0.00001000 level before hitting a local top and experiencing a 10% drawdown in the past two days.
Key Points:
- Shiba Inu is still up around 9% in the past week, outperforming other top coins.
- In the last 24 hours, SHIB has registered losses of around 5%.
- On-chain analytics firm Santiment shows positive developments in SHIB’s trading volume and supply on exchanges.
- The increased trading volume indicates high interest in Shiba Inu, which could lead to more price surges.
- The decline in the supply on exchanges suggests decreased selling pressure in the market.
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A Possible Bounce Back for Shiba Inu:
While there is no guarantee, if the trading volume and supply on exchanges continue to stay favorable, the Shiba Inu rally may have a higher chance of bouncing back.
