The Odds for a SHIB Rally

The popular meme coin Shiba Inu has underperformed in the past week, witnessing a price decline of approximately 5%. However, it showed signs of a resurgence in the past 24 hours and recovered some of the losses incurred.

The popular meme coin has seen a minor price increase of 2% in the past 24 hours, currently trading at $0.00001349. This coincides with a 35% spike in the Shiba Inu burning rate, with nearly 3 million tokens being destroyed.

The burning efforts, aimed at reducing the massive circulating supply, could positively impact the meme coin's price if demand remains steady. Additionally, Shibarium's development saw a 60% surge in daily transactions on the network, reaching 5,600 on September 4.

Data from IntoTheBlock also highlights a 0.03% increase in concentration, indicating a buildup in large holder positions, which could be a bullish sign. However, several other metrics suggest potential challenges for SHIB bulls.

The Net Network Growth, a measure of the token's network growth, showed a decline of 0.20%, indicating a slowdown in new user acquisition. Furthermore, the "In the Money" indicator saw a decrease of 0.42%, showing an increase in investors facing losses, with 52% of HODLers currently underwater.

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