Assessing Shiba Inu’s 360% transaction surge: What’s next for SHIB?
SHIB on-chain metrics: A positive outlook despite some concerns
Several key on-chain metrics present a mixed picture, but overall the outlook remains promising. First, the net network growth shows a slight bearish dip of 0.27%, signaling slower growth in new participants.
However, the “In the Money” metric stands at 1.75%, meaning a portion of the coin holders is currently profitable, a bullish short-term indicator. Additionally, concentration remains neutral at 0.01%, meaning no significant changes in SHIB’s distribution.
Most importantly, large transactions have surged 12.94%, indicating that whales continue to play a dominant role in the meme coin’s market activity. Consequently, whale intere
SHIB funding rates: Are traders betting on more gains?
The OI-weighted funding rate for SHIB stands at 0.0097% as of October 1, 2024, showing a bullish sentiment among traders. This positive funding rate suggests that more traders are taking long positions, expecting its price to rise.
Therefore, this trend complements the whale activity and reduced exchange reserves, reinforcing the likelihood of continued gains for the meme coin.
SHIB is likely to continue its upward trend, showing strong potential for further growth. The strong whale activity, coupled with reduced selling pressure and positive trader sentiment, creates a favorable environment for its price.
However, traders should remain aware of potential challenges like slower network growth. Nevertheless, the overall outlook for SHIB remains bullish.
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