• 16 July, 2024
News

How On-Chain Trends and Physical Merchandise Are Shaping SHIB?

The digital currency landscape is witnessing a surge in Shiba Inu’s (SHIB) market presence, underpinned by optimistic on-chain metrics and strategic ventures into physical merchandise. A recent analysis delved into the factors propelling SHIB towards a potential recovery and expansion.

Recent data from Santiment, a leading crypto intelligence tracker, reveals a significant shift in SHIB’s on-chain dynamics. A noticeable decrease in the supply of SHIB tokens on exchanges, from 8.36% to 7.85% since November 12, fuels positive market sentiment. This 0.51 percentage point drop reduces selling pressure, as fewer tokens are available for platform trading.

Source: Santiment

Accompanying this trend is the increased acquisition of SHIB by different investor cohorts, ranging from those holding 10,000 to 100 million tokens. This accumulation pattern is traditionally viewed as a bullish signal, suggesting growing confidence among investors in the meme coin’s potential.

Moreover, the Network Growth metric, which gauges SHIB’s relevance and adoption among traders, aligns with the recent price uptrends. The absence of any bullish or bearish divergence in this metric further consolidates the positive outlook for Shiba Inu’s market trajectory.

Adding to the excitement is Shiba Inu’s venture into physical merchandise. The project’s lead developer, Shytoshi Kusama, announced a collaboration with Shibacals, a company aiding Web3 enterprises in producing tangible products. This partnership, which includes producing “Chooky” collectibles and a recent association with renowned rapper Busta Rhymes, signals SHIB’s expansion beyond the digital sphere, potentially bolstering its market position.

As of the latest update, SHIB’s price is $0.00000962, reflecting a 1.13% decline over the last 24 hours yet showing a 6.87% increase over the past week. With a market capitalization of over $5.67 billion and a circulating supply of 590 trillion SHIB tokens, the meme coin’s performance presents a complex yet promising picture.

Significant developments in on-chain metrics and strategic expansions mark Shiba Inu’s journey in the cryptocurrency market. These factors collectively paint a bullish scenario, suggesting a potential upswing in SHIB’s market performance and influence in the foreseeable future.

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