Shiba Inu price falls, but optimism for recovery per on-chain data remain high
Despite the obvious price slump, there are three fundamental pieces of on-chain data that indicate positive momentum might be underway for Shiba Inu in the short term. One of the most obvious is the total SHIB trading volume. At the time of writing, the trading volume is up by more than 61.376%, a figure that underscores the buying momentum despite the current gloom on the market.
Besides this, the overall large transaction volume of SHIB is up by more than 229% in the past week as well. According to the definition from IntoTheBlock, large transactions are defined as those worth $100,000 or more. By this metric, a total large transaction of $9.08 million has been registered in the past week.
The buying outlook according to this update is proof that the positive SHIB sentiment is ingrained across a broad spectrum of the community featuring both retail and institutional/high networth accounts. Besides these two metrics, Shibarium's steadily growing transaction count is also a testament to the readiness of Shiba Inu to chart a revival course in the near term. As
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