Attention Shiba Inu (SHIB) Investors: Will It Rise?

The recent market decline has impacted leading cryptocurrencies, including Shiba Inu (SHIB). Currently priced at $0.00002220, SHIB has dropped 1.42% over the past month, 6.6% in the last seven days, and 3.47% in the last 24 hours.

This downturn has also affected three key SHIB metrics: burn rate, Shibarium's daily transaction count, and whale adoption trends. These elements are crucial in predicting SHIB's price movements this week.

Yesterday, the Shiba Inu burn rate fell by 74.5% within 24 hours, with only 271,470 SHIBs burned. This amount is insufficient to positively impact Shiba Inu's market value, which stands at $13.08 billion. However, earlier today, the SHIB burn rate surged by 2,814% over the past 24 hours, resulting in a daily burn of 7,912,388 SHIB (7.91 million), worth $175 at the current exchange rate.

Another critical trend is the total number of transactions on Shibarium. The adoption rate of Shibarium has significantly declined due to the recent market downturn. Recent data indicates that Shibarium's total number of transactions, which was 8,780 on June 5, has dropped to around 4,360.

Despite these concerns, these metrics might lead to a potential SHIB price reversal before the weekend. New investors might view this as an opportunity to buy SHIB at discounted prices, possibly reigniting interest among whales.

Moreover, leading crypto exchanges like Coinbase and Robinhood have been moving large amounts of SHIB tokens in the last 24 hours. Recently, these two platforms transferred 9.6 trillion SHIB in a day, equivalent to 1.62% of SHIB's circulating supply.

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