- An analyst from ClayBro predicted that SHIB’s price may continue to trade flat despite rising on-chain metrics.
- Although there has been a surge in SHIB’s 7D zero balance address count, the number of new wallets has dropped.
- SHIB’s price has been in a consolidation phase for the past few weeks
An analyst from the cryptocurrency trading and analysis channel ClayBro revealed in a YouTube video today that Shiba Inu (SHIB) has recorded a 198.4% increase in the number of 7-day zero balance addresses on its network. Although this is a notable uptick, the analyst stated that the chances of SHIB’s price rising as a result of this metric are very small.
The ClayBro analyst added that an increase in wallet addresses containing no SHIB is not a remarkable achievement given the possibility that these wallets may not actively participate in transacting on the network. Nevertheless, the analyst did not rule out the possibility of these wallets transacting on the network in the future.
A deeper look at on-chain metrics for SHIB reveals that the number of new wallets being created on the SHIB network has actually been decreasing. According to the analyst, there has…
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