Shiba Inu (SHIB) has recently been exhibiting unique movements in its on-chain metrics, showing a decrease in momentum despite a considerable price spike a couple of weeks ago. Currently, the meme-based token is trading at $0.00001, recording a 2% drop in price over the last 24 hours which serves as a stark contrast to the prior uptrend seen in its transactions and trading volume.

Experts attribute this perplexing behaviour to investors and traders preparing for the upcoming Ethereum unlock period. It is no secret that the crypto market is highly affected by sentiment and perception, thus a shift in sentiment towards SHIB or the broader market could easily account for the observed on-chain metrics decline. Additionally, the meme-based format of SHIB makes it particularly vulnerable to abrupt changes due to social media trends and influencers.

Another driver for the drop in on-chain metrics might be the recent focus on other meme-based projects and tokens. With investors seeking for potential returns, the attention of investors may have shifted away from SHIB, leading to a decrease in its on-chain metrics.

Nevertheless, the meme asset may bounce back relatively soon as SHIB is known for its high volatility nature as result of its meme-based tokens, allowing it to recover and restore the pre-existing state.



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