Shiba Inu (SHIB) bulls were hoping to start the week on a positive note, but things may not be going as planned now that the meme currency has entered the market’s overall negative downturn. Shiba Inu is down 4.43% to $0.0000071, according to data from CoinMarketCap, which is an extension of the 7.89% week-to-date (WTD) price decline.
SHIB on-chain bullish data
Despite the clear price decline, Shiba Inu may be experiencing positive momentum in the near future, according to three key pieces of on-chain data. The overall SHIB trading volume is one of the most visible. The trading volume is currently up by more than 61.376%, which highlights the purchasing vigour despite the market’s present pessimism.
In addition, SHIB’s total big transaction volume has increased by more than 229% during the last week. According to the IntoTheBlock definition, significant transactions are ones that are $100,000 or more in value. According to this indicator, $9.08 million worth of significant transactions totaled in the previous week.
This update’s buying expectation demonstrates how the bullish SHIB attitude permeates a wide swath of the community, including both retail and institutional/high net worth accounts.
In addition to these two indicators, Shibarium’s consistently rising transaction count is evidence that Shiba Inu is prepared to steer a recovery path in the near future. Shibarium’s daily transaction count is getting close to the threshold of two million, as previously reported by U.Today. This is an outstanding achievement for a protocol that was just launched a few weeks ago.
More Shiba Inu bullish sentiment
Due to the continual expansion of Shibarium, Shiba Inu’s community members today have extremely strong favourable emotion. Overall, the SHIB ecosystem’s tokens’ strong performance and the good mood they generate will undoubtedly push the price of the meme currency to all-time highs.
