These Important Shiba Inu (SHIB) Metrics Skyrocket Amid Massive Volatility
TL;DR
- Bitcoin’s price drop from its all-time high was followed by a broader market retracement, but the asset partially recovered.
- Shiba Inu’s value also fell but remains up significantly over the week, with increased trading activity.
The cryptocurrency market has retraced considerably in the past several hours, shortly after Bitcoin’s price reclaimed its previous all-time high price of over $69,000.
The leading digital asset dropped to as low as $61,000, triggering more than $1 billion in liquidations. However, it managed to regain some ground and currently trades at around $66,000 (per CoinGecko’s data).
The popular meme coin – Shiba Inu – has also nosedived. Despite the correction, though, the self-proclaimed Dogecoin-killer remains well in the green on a weekly scale, witnessing a 230% increase.
According to IntoTheBlock, the share of SHIB holders sitting on paper profits as of the moment is around 72%, a significant rise compared to the stats observed in September. Back then, approximately 90% of those with exposure to the token were underwater.
The blockchain analytics platform also revealed that two important metrics related to Shiba Inu’s ecosystem have headed north.
Aggregated trading volume (where each transaction exceeds $100,000) is up 90% on a 24-hour basis, surpassing the $2 billion mark. Daily active addresses neared 50,000, or a 70% increase compared to the figure recorded on March 5.
As CryptoPotato recently reported, the burning mechanism of the meme coin and its layer-2 blockchain solution – Shibarium – have taken center stage, too. At one point last week, the burn rate exploded by a whopping 30,000%, while total blocks on the L2 solution surged above 3.5 million.
Both features have been touted as factors that could positively impact SHIB’s valuation. Those willing to learn more about Shibarium’s specifics and purposes could take a look at our dedicated video below:
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