Continuing to come to the agenda with different news Shiba Inucontinues to fail while trying to break the previous downtrend. Although the price has made several unsuccessful attempts in the last 24 hours, it continues to remain stable at an average price. Meme coin, traded at $0.000008873, continued its downward trend throughout January. According to data, the price has lost nearly 14% of its value since January 1, 2024.
Shiba Inu Metrics Revitalized, Is There Any Possibility of Upturn?
SHIB Investors have been quite indecisive and have a relatively pessimistic view lately. Although long-term investors remain hopeful, short-term investors do not have a very positive view, taking into account the current on-chain data. According to data provided by IntoTheBlock, the profit rate of the addresses is currently just over 25%. This represents an increase compared to the previous data of 24%. With increased profitability, it can be inferred that things are not that bad compared to negative on-chain data.
As we reported as Koinfinans.com, the burn rate, which is one of the main criteria of the Shiba Inu community, managed to register a strong increase within a few weeks. Even though the burnings are far from the desired level in dollar terms, their consistent occurrence is the most important detail that increases the deflationary pressure.
The third and final criterion that shows that the rise in Shiba Inu prices may be triggered in the near future is the increase in whale activities. While whales have been accumulating SHIB for some time, it is also contributing to deflationary pressure along with current burns.
In addition to the three details mentioned in the content cryptocurrency A change in the market could trigger a possible bull rally.