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Shiba Inu: These signals reveal some on-chain metrics

 


In the past seven days, Shiba Inu has seen an increase in active addresses of just under 19%.

These signals reveal some on-chain metrics

As the on-chain data provided by IntoTheBlock shows, many appear to be bullish on Shiba Inu. A number of metrics such as Net Network Growth, In the Money, and Concentration are showing positive signals as SHIB approaches $ 0.000040.

The Net Network Growth Showed by IntoTheBlock shows an overview of user engagement and growth. Overall, Shiba Inu saw a nearly 19% increase in active addresses over seven days, as well as an increase in addresses with balances. The current total number of owners is 1,094,129, according to WhaleStats.

In The Money's metric could suggest investors are putting less pressure to sell. Currently 63% of the addresses are profitable which explains the situation. A growing number tend to be positive for the network with more owners who are “In The Money”.

The indicator group “Concentration” shows the distribution of the circulating supply of an asset based on the value of the stocks by address. Addresses are classified as whales holding more than 1% of circulating supply and investors as addresses holding 0.1% to 1.0% of circulating supply, while all other addresses are retailers.

A growing “concentration” could indicate that more large owners are moving into Shiba Inu. The price is hovering around $ 0.00003802 at the time of writing. If SHIB climbs above the $ 0.000040 mark, the token could rise 43% to $ 0.000055.

If there is a surge in buyers, the Shiba Inu price could move past the bullish target of $ 0.000055 and hit a higher price of $ 0.000065. Alternatively, the price of Shiba Inu could bottom at $ 0.00032 and $ 0.000028.

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