State of Shiba Inu on-chain metrics getting refined?

Lavina Daryanani
Source: VideoHive

On Monday most top coins from the crypto market chose to tread on the recovery path. Bitcoin and Ethereum were up by 6%-7% on the daily time frame, while other alts like BNB and XRP were up by around 4% each. Shiba Inu, however, was the top gainer amongst the top 20 tokens. After appreciating by 12% over the past day, the second-largest meme token was valued at $0.00001192.

As a result of the price fluctuation, a host of large transactions SHIB transactions have taken place over the past few hours. Whale data aggregating platform WhaleStats brought to light on Monday that the 16th token by market cap had made its way back to the top traded list among the 5000 biggest whales.

Shiba Inu’s lackluster network growth

Despite the said positive side and the ST price rise, the overall state of Shiba Inu remained to be ‘bearish’ on ITB. The malnourished network growth in the said period was, perhaps, the most prominent reason.

As can be seen below, the number of active SHIB addresses has been declining since mid-May. In just a matter of a fortnight, the reading of this metric has shrunk from 10k to 3.7k. Even during the price rise phase, this number kept depleting, bringing to light the fading interest of the larger investor base.

Source: ITB

Alongside, it should also be noted that the cumulative number of transactions in the said period has also dipped. From its local peak of 13.48k, the number of transactions has tripped down to 4.68k.

Source: ITB

Now, if both the charts are viewed closely, it can be observed that a flat phase preceded the previous peak. And now, with the same flat trend in play, Shiba Inu’s on-chain metrics are, perhaps, prepping to get refined.