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Key metrics for Shiba Inu (SHIB) suggest that bears have displaced bulls in an epic struggle for dominance. The token is exhibiting signs of losing more of its market value with recent trends. Its transaction count has fallen, and even the burn rate soaring a few days ago has now hit rock bottom.
SHIB price and burn rate face decline
According to insight provided by CoinMarketCap data, Shiba Inu is currently trading at $0.0000139. This price level corresponds to a 1.56% dip within 24 hours.
Similarly, the coin's value has dropped almost 10% in the last seven days. Unfortunately, this suggests that the SHIB price recovery might be tough to achieve in the short term.
Barely 24 hours ago, the SHIB burn rate reached as high as 28,145%, surprising many. In two transactions, 96,434,994 SHIB tokens were destroyed. However, the market has taken a new turn, and the burn rate is currently down.
Shibburn shows that the SHIB burn rate is down by 89.23%, with only 10,387,492 SHIB tokens burned in seven transactions.
SHIB transaction count on dip side
On Shibariumscam, the total number of SHIB transactions is about 417 million, while the total block is 6.5 million, with an average block time of five seconds.
Since Shiba Inu's price peaked at the beginning of this year, the token has recorded consistent volatility. These metrics reflect that sellers are more active in the market. If this trend continues, the cryptocurrency may face further price drawdown.
On the flip side, SHIB still has the chance to rebound quickly. However, this is largely dependent on events within its ecosystem. On Friday, it saw a major spike in large transactions. Blockchain analytics platform IntoTheBlock noted that the daily volume of large transactions in SHIB increased by over 62%, giving false hope of a likely rebound.