Data<\/a> from Shibariumscan shows that the number of active accounts on the layer-2 network rose from 1290 on April 27 to 3,839 on April 28, representing over a 144% increase. Such development is bullish for Shiba Inu, considering how the layer-2 network has been integral to the meme coin\u2019s success since it launched last year.\u00a0<\/p>\n Related Reading: Bitcoin To $300,000? Crypto Pundit Reveals What Will Drive It<\/p>\n Shibarium also saw the number of new transactions on the network spike from 4,997 on April 27 to 12,191 on April 28. This is even more bullish for Shiba Inu since the amount of SHIB burns Shibarium carries out depends on the number of transactions it records. Meanwhile, these aren\u2019t the only recent bullish developments for Shiba Inu.\u00a0<\/p>\n NewsBTC recently reported that SHIB’s foremost decentralized exchange (DEX), ShibaSwap, is expanding to Shibarium. This move is expected to increase ShibaSwap\u2019s user base and Shibarium\u2019s, by extension. Shiba Inu will ultimately benefit since an increase in Shibarium\u2019s user base means more transactions, leading to more SHIB burns.\u00a0<\/p>\n Seeing how these metrics paint a bullish outlook for the meme coin, it isn\u2019t out of place to wonder why Shiba Inu has experienced significant price drops lately. One reason for this price decline is Bitcoin\u2019s price action. Data<\/a> from the market intelligence platform IntoTheBlock shows that SHIB’s price correlation with Bitcoin is currently at 0.82%, which suggests a \u201cstrong positive correlation\u201d between both tokens.\u00a0<\/p>\n Related Reading: BlackRock Spot Bitcoin ETF Grinds To A Halt, Records Longest Stretch Without Inflows<\/p>\n Therefore, SHIB’s price has mirrored Bitcoin\u2019s, which has recorded significant price declines lately. Another reason for Shiba Inu\u2019s price decline is the drop in large transactions, with data from IntoTheBlock showing a 4.60% drop in this crucial metric.\u00a0<\/p>\n This suggests that Shiba Inu whales are cooling off on their investment in the meme coin, as this recent market downtrend may be affecting their confidence. These whales play a massive role in SHIB’s price discovery, and the meme coin\u2019s price could pick up once they recover their confidence in the market.\u00a0<\/p>\n A drop in Shiba Inu\u2019s burn rate has also contributed to its recent decline. Data<\/a> from the burn tracking website Shibburn<\/a> shows a 76% decline in the number of SHIB tokens burnt in the past seven days and a 79% decline in the last 24 hours.\u00a0<\/p>\n Shiba Inu (SHIB) saw a significant spike in a major metric, which signals a bullish outlook for the second-largest meme coin by market cap. Despite this, Shiba Inu\u2019s price has failed to react positively, which can undoubtedly be a concern for token holders.\u00a0 Shibarium Sees Increase In Active Accounts\u00a0 Data from Shibariumscan shows that the […]<\/p>\n","protected":false},"author":1,"featured_media":10888,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Shiba Inu Sees 144% Spike In Major Metric, But Why Is Price Down? - Bitrabo","description":"Shiba Inu (SHIB) saw a significant spike in a major metric, which signals a bullish outlook for the second-largest meme coin by market cap. Despite this, Shiba"},"footnotes":""},"categories":[316],"tags":[585,626,1008,467,489,584,1120],"class_list":["post-10887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-inu","tag-major","tag-metric","tag-price","tag-sees","tag-shiba","tag-spike"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/10887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=10887"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/10887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/10888"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=10887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=10887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=10887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/span>Why Shiba Inu Is Down<\/span><\/h2>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"