Shiba Inu (SHIB) Crucial Metric Goes up Despite Price Plummeting
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Shiba Inu’s price might be taking a nosedive, but do not let that fool you. The NVT (Network Value to Transactions) ratio, a key metric for evaluating a crypto asset’s health, is on an upward trajectory. As of the latest data, Shiba Inu is trading at approximately $0.00000711. But here’s the kicker: its NVT ratio is rising, signaling that the network’s value is growing relative to the transaction volume.
What’s the deal with Shiba Inu’s profitability? Well, it has taken a hit, plummeting to a mere 9%. But do not rush to conclusions. The concentration of large holders, or “whales,” stands at a staggering 77%. And guess what? Most of these whales are in it for the long haul. They are not just dabbling in Shiba Inu; they are committed.
Source; TraidingView
Now, let’s talk numbers. A recent price analysis reveals that Shiba Inu’s current price is around $0.00000711. While this might not seem like much, it’s crucial to look beyond the surface. The NVT ratio’s upward movement suggests that the network is robust, even if the price isn’t skyrocketing.
But there is another layer to this story. The DeFi landscape is undergoing seismic shifts, and Shiba Inu is no exception. With the rise of various DeFi platforms, Shiba Inu faces stiff competition. Yet, its rising NVT ratio indicates that it is holding its own, at least for now.
What’s the takeaway here? Shiba Inu might not be breaking any records in terms of price, but it is far from down and out. The rising NVT ratio and the high concentration of long-term holders paint a more nuanced picture. They suggest that while the asset may not be soaring, it is certainly not sinking. And in the volatile world of crypto, that is saying something.
About the author
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
The post Shiba Inu (SHIB) Crucial Metric Goes up Despite Price Plummeting appeared first on Crypto News Australia.
Filed under: Bitcoin - @ September 11, 2023 4:20 pm