Shiba Inu’s On-Chain Metrics Lacks ‘Bullish Behavior’

Paigambar Mohan Raj
Source: Capital.com

The cryptocurrency markets witnessed a correction, with the global market cap falling 4.3% in the last 24 hours. Shiba Inu (SHIB), the popular canine-themed cryptocurrency, followed the trend with a 7.6% fall on the daily charts. The plummet follows the SEC’s actions against Kraken and its staking initiatives. The exchange was fined $30 million while being barred from offering staking services to retail investors.

Shiba Inu’s (SHIB) on-chain metrics also indicate bearishness for the time being. According to the data on IntoTheBlock, SHIB’s network growth has fallen by 0.62%. Additionally, the number of investors who are in the money has dropped by 3.19%. Even large transactions have fallen by 3.99%. All indicators point to a bearish outlook for the popular asset.

Source: IntoTheBlock

Additionally, according to Messari, Shiba Inu’s (SHIB) volatility is on the rise. This is in accordance with the recent price shifts in the market.

Source: Messari

Are investors losing interest in Shiba Inu (SHIB)?

SHIB is one of the most popular cryptocurrency projects out there. However, being labeled a “memecoin,” it relies on online engagement for growth. According to LunarCrush, SHIB’s social mentions have increased by 9.7%. This could be a result of fresh rumors regarding the Shibarium launch.

Many have speculated that SHIB’s upcoming layer-2 could launch today. However, there is no official word on that front. Although Shiba Inu’s social mentions are increasing, its social engagements are down 8.7%. This could mean that investors are not showing much interest in social media platforms.

Source: LunarCrush

With market volatility high, it is unclear if Shiba Inu (SHIB) will make an improvement in regard to its price. The larger economic outlook is still gloomy, and investors are on the lookout for regulatory changes. If SHIB’s Shibarium launch is announced, it could lead to the token moving upwards. However, apart from the Shibarium launch, there is not much that could propel the token’s price.

At press time, Shiba Inu (SHIB) was trading at $0.00001235, down 0.3% in the last hour.