- After a recent decline, active addresses on the network jumped.
- The NVT Signal showed that SHIB’s price was at a discount.
The power of the Shiba Inu [SHIB] community was reflected again as the active addresses had begun to surge. Between the 5th and 7th of March, the project registered a decline in active addresses. This happened after hitting a peak of 55,200 earlier.
Active addresses show the number of unique users involved in transactions. With the metric, you can tell if there is a high speculation around a token or not. Around the period the active addresses increased, the price hit a 213% seven-day increase.
Moments later, the metric dropped, and Shiba Inu’s price recorded a 6% 24-hour decrease. At press time, AMBCrypto observed that the metric had recovered to 18,200 and the value of the token also jumped 11%.
‘Meet me at the top,’ SHIB signals
However, it is noteworthy to mention that the metric is not the only determinant of the price action. The recent trend implies that SHIB might have a chance of repeating its earlier performance. While it might rise 200% in seven days, there is a chance that the value could try and retest $0.000040.
At press time, SHIB changed hands at $0.000033. Furthermore, AMBCrypto engaged Glassnode data and check the Network Value to Transaction (NVT) Signal.
The NVT Signal serves as a leading indicator to examine whether an asset is being priced at a premium
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Author: Victor Olanrewaju
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