Shiba Inu (SHIB) started 2024 with a bang by surging more than 400% in March. Although the price has fallen somewhat since then, investors have little reason to complain.
Many are wondering if the cryptocurrency will experience another parabolic rise. The future is uncertain, and a look at the on-chain data also offers a mixed picture.
Good Shiba Inu news
The network’s Layer-2 (L2), Shibarium, has achieved an impressive milestone by processing more than 5 million blocks since launch. In addition, more than 4 million transactions have been carried out and almost 2 million addresses registered on the network, clearly indicating growing adoption and demand for the network.
The Total Value Locked (TVL) on the L2 also looks promising. On May 30, TVL reached $2.45 million, a significant increase after a previous decline from a record high of $3.9 million in March.
Disappointing figures
On the other hand, we also see less positive figures. The number of daily transactions on Shibarium remained below 20,000 for almost the entire month of May, with the exception of May 3. This decline has also led to a drop in the number of tokens burned, with a 44% decrease in the last seven days according to data from Shibburn.
Furthermore, crypto analyst Ali Martinez suggests that more than 4 trillion SHIB have been sent to crypto exchanges in the past two weeks, which is often a sign that holders are looking to sell their tokens. This could create additional selling pressure in the coming weeks.
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Source: https://newsbit.nl/zal-de-shiba-inu-koers-binnenkort-stijgen-on-chain-data-toont-gemengde-signalen/
