SHIB Price Retreats Amid Ecosystem Metrics Decline
Hey #CryptoSquad ! I've got some mixed news for you all about Shiba Inu (SHIB)! After recovering from last week's losses with a 22% surge, SHIB took a 2% hit today.
But what's behind this price drop? It seems the decline is linked to some key metrics in the Shibarium ecosystem. Daily transactions are down by 26%, total blocks processed have plummeted by 67%, and active accounts have dropped by almost 80%.
Shibarium, launched in August last year, aimed to boost SHIB's scalability, speed, and transaction costs. With its progress crucial for a potential price resurgence, we'll be keeping an eye on this development.
Now, let's look at some technical indicators! The SHIB Relative Strength Index (RSI) recently hit a three-month low, suggesting a possible price rebound. And with exchange netflow showing outflows surpassing inflows in the past week, it could be a sign of reduced selling pressure.
So, is it time for a new SHIB bull run? Only time will tell! Keep an eye on these metrics and let's see how things unfold!
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