Shiba Inu’s Network Value to Transactions （NVT） ratio has surged, suggesting potential price corrections despite recent uptrends.
Points
- Shiba Inu’s NVT ratio indicates a bearish outlook.
- Reduced correlation with Bitcoin suggests independent price movement.
- On-chain metrics show increased whale activity.
Shiba Inu’s NVT Ratio Is On The Rise
Shiba Inu （SHIB） has seen its Network Value to Transactions （NVT） ratio increase significantly, suggesting a potential bearish outlook. This metric compares a coin’s market capitalization to its transaction volume, with higher values indicating overvaluation and potential price corrections.
Reduced Correlation with Bitcoin
Data from Glassnode shows that Shiba Inu’s correlation with Bitcoin has dropped from over 0.9 to 0.52. This reduced correlation means SHIB’s price movements are becoming more independent of Bitcoin, suggesting unique market dynamics for the meme coin.
Despite only 51% of SHIB holders being in profit, on-chain metrics from IntoTheBlock indicate a bullish trend. Large transactions involving SHIB have increased by over 2% in the last seven days, with whales accumulating more tokens in anticipation of higher prices.
A Rise To $0.00003 Is Still Possible
Crypto analyst Javon Marks recently predicted that Shiba Inu could rise above $0.00003, citing a macro Hidden Bullish Divergence with its Relative Strength Index （RSI）. This indicates a potential price recovery of over 162%, sending SHIB to the $0.0000456 range.
At the time of writing, SHIB is trading at around $0.00001718, up over 2% in the last 24 hours. Positive trends in whale activity and bullish technical indicators suggest
a potential rise in SHIB’s price, albeit with caution due to the high NVT ratio indicating overvaluation risks.
解説
- NVT Ratio: This metric helps assess whether a cryptocurrency is overvalued or undervalued by comparing market cap to transaction volume.
- Whale Activity: Increased large transactions indicate whale accumulation, often a precursor to price movements.
- Technical Analysis: Tools like RSI and Hidden Bullish Divergence provide insights into potential price trends and market sentiment.