Shiba Inu’s Core Metric Crashes To A 5 Year Low: Bullish Spark Ahead? 🖤🌑

Shiba Inu that Dogecoin killer wannabe has been crashing majorly over the past year with another 15% drop rn.

Some Positive Vibes Finally 🖤

Investor confidence took a hit while trader interest keeps falling tho but one bullish signal might flip things for the bulls. Shiba Inu trades around $0.0000055 and ranks 37th with a $2.9 billion market cap. Yet the dropping coins on exchanges hints at a climb soon. CryptoQuant shows it hit roughly 86 trillion the lowest since April 2021 which cuts selling pressure big time.

SHIB Exchange Netflow, Source: CryptoQuant

The burn rate exploded over 635% in 24 hours after 11 million tokens got sent to null address. This looks like hope but the USD value stays tiny so the crew needs to push harder for real impact 💀.

The Big Bearish Factor 😈

Interest in SHIB and meme coins faded lately which makes recovery tough. Shibarium activity dropped too with daily transactions shrinking to thousands or even hundreds. This weakens user engagement and could cap any upside 📉.