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Arman Shirinyan

Shiba Inu’s fundamental on-chain metrics are on rise, but will it be enough?

Shiba Inu’s price might be taking a nosedive, but do not let that fool you. The NVT (Network Value to Transactions) ratio, a key metric for evaluating a crypto asset’s health, is on an upward trajectory. As of the latest data, Shiba Inu is trading at approximately $0.00000711. But here’s the kicker: its NVT ratio is rising, signaling that the network’s value is growing relative to the transaction volume.

What’s the deal with Shiba Inu’s profitability? Well, it has taken a hit, plummeting to a mere 9%. But do not rush to conclusions. The concentration of large holders, or “whales,” stands at a staggering 77%. And guess what? Most of these whales are in it for the long haul. They are not just dabbling in Shiba Inu; they are committed.

shib chart
Source; TraidingView

Now, let’s talk numbers. A recent price analysis reveals that Shiba Inu’s current price is around $0.00000711. While this might not seem like much, it’s crucial to look beyond the surface. The NVT ratio’s upward movement suggests that the network is robust, even if the price isn’t skyrocketing.

But there is another layer to this story. The DeFi landscape is undergoing seismic shifts, and Shiba Inu is no exception. With the rise of various DeFi platforms, Shiba Inu faces stiff competition. Yet, its rising NVT ratio indicates that it is holding its own, at least for now.

What’s the takeaway here? Shiba Inu might not be breaking any records in terms of price, but it is far from down and out. The rising NVT ratio and the high concentration of long-term holders paint a more nuanced picture. They suggest that while the asset may not be soaring, it is certainly not sinking. And in the volatile world of crypto, that is saying something.

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