• Shiba Inu’s Shibarium crossed 20 million total transactions, causing a dip in SHIB’s price.
• Weighted sentiment was negative, but several metrics looked positive for SHIB.
• Whales are losing interest in the token as they sell off their holdings.
Shibarium Hits New Milestone
Shiba Inu [SHIB] reached a new milestone after its Shibarium registered 20 million total transactions. Despite this achievement, SHIB’s price declined by more than 24% in the last seven days. Several metrics looked positive for SHIB despite a negative weighted sentiment around the token, however whales are losing interest as they sell off their holdings.
Price Dip of 24%
Most altcoins have seen a major price correction of late, causing double digit declines. Shiba Inu [SHIB] was one of the affected coins, as its price went down by more than 24% in the last seven days. Nonetheless, SHIB’s Shibarium continued to perform well and also hit a new milestone with 20 million total transactions at press time.
Positive Metrics
Puppyscan’s data revealed that daily transactions have gained upward momentum since May 2023 and stood at 491,994 at press time. Additionally, there have been 1,236,598 blocks created with an average block time of 5 seconds and 16,723,362 wallet addresses on Shibarium.
Negative Sentiment Around SHIB
Despite reaching this milestone and seeing several positive metrics around it, market sentiment around SHIB remained negative due to its declining price action and low social volume over the last seven days. This further increased when big players in the crypto-space started selling off their holdings of the token according to Whalestats data which showed that it ranked 12th on their list of cryptos bought in the last 24 hours.
Conclusion
While Shibarium has achieved great success with 20 million total transactions recently and several other metrics look positive for Shiba Inu [SHIB], market sentiment remains bearish due to its declining price action over the past few weeks and whale activity indicating they are selling off their holdings of the coin.