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💰💰💰💰There is a 150% increase in the major metric for Shiba Inu, yet why is the price going down?
The second-largest meme cryptocurrency by market size, Shiba Inu (SHIB), had a substantial metric rise, indicating an optimistic outlook. Despite this, Shiba Inu's price hasn't improved, which may worry token holders.
Shibarium Active Accounts Rise
Shibariumscan data showed a 144% growth in layer-2 network active accounts from 1290 on April 27 to 3,839 on April 28. Since the layer-2 network has been crucial to Shiba Inu's performance since last year, this is good news.
Shibarium's network transactions increased from 4,997 on April 27 to 12,191 on April 28. Since Shibarium consumes SHIB based on transactions, this is much better for Shiba Inu. Shiba Inu has had other optimistic developments.
ShibaSwap is extending to Shibarium. This should boost ShibaSwap and Shibarium's user base. Shiba Inu will gain since more Shibarium users imply more transactions and SHIB burning.
Why Shiba Inu Falls
Given these measurements' bright view for the meme currency, it's reasonable to ask why Shiba Inu's price has dropped recently. Bitcoin's price movement contributed to this drop. According to market intelligence portal IntoTheBlock, SHIB and Bitcoin have a “strong positive correlation” at 0.82%.
Since Bitcoin has fallen significantly, so has SHIB's price. Large transactions dropped 4.60%, another explanation for Shiba Inu's price reduction, according to IntoTheBlock.
Shiba Inu whales may be losing trust in the meme currency due to the market downturn. Once these whales regain market trust, SHIB's meme coin price might rise.
Shiba Inu's burn rate has also dropped, contributing to its fall. According to Shibburn, SHIB token burns have dropped 76% in the previous week and 79% in the last 24 hours.
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