Shiba

Bitcoin

Shiba Inu

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Shiba Inu (SHIB) was subjected to a major downtrend as market investors failed to hang onto the hype within the ecosystem on updates from lead developer&nbsp;<a href="https://u.today/shytoshi-kusama-reveals-big-reason-for-his-recent-social-media-absence" rel="noopener noreferrer nofollow">Shytoshi Kusama</a>. At the time of writing, Shiba Inu is changing hands for $0.00002401, down by 4.89% in the past 24 hours.
As Shiba Inu struggles to find its feet, three major on-chain metrics are worth watching closely.
<h2 id="shiba-inu-reboot-mission">Shiba Inu reboot mission</h2>
While some investors focus primarily on price trends, a lot of other key ecosystem stakeholders focus on network actions, which generally determine the potential for long-term upsurges.
One of these is the profitability of SHIB.&nbsp;<a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=inAndOut" rel="noopener noreferrer nofollow">Per</a> data from IntoTheBlock, a little more than 60% of addresses on the network accounting for 806,850 SHIB wallets are in profit at the moment.
With only 36.36%, or 475,260, Addresses out of the money, long-term investors are optimistic that SHIB remains in a bullish spot, with its more than 129% growth in the year-to-date (YTD) factored in. Besides this, the Shiba Inu&nbsp;<a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=correlations" rel="noopener noreferrer nofollow">correlation</a> with Bitcoin (BTC) is also a major factor to note.
As long as Bitcoin remains in good terrain owing to the accumulation of spot BTC ETF products, Shiba Inu may also maintain a fairly strong resilience. Lastly, Shiba Inu holders' composition time speaks volumes about the emancipation of the digital currency.
Per the IntoTheBlock data, over 76% of current Shiba Inu holders have held it for more than one year. Those holding for 1-12 months are worth 21%, while those holding for less than one month are about 3%.&nbsp;
With this composition, should short-term holders choose to liquidate their holders, the impact may not weigh the token down very much.
<h2 id="shiba-inu-fundamentals">Shiba Inu fundamentals&nbsp;</h2>
Besides the technical validation that is showing SHIB's retention, the trend on&nbsp;<a href="https://u.today/shibarium-total-value-locked-hits-936-billion-shib-details" rel="noopener noreferrer nofollow">Shibarium</a> and the expectations of network growth have helped sustain the optimism for the token overall.
From the&nbsp;<a href="https://u.today/shiba-inus-shibarium-completes-its-hard-fork-details" rel="noopener noreferrer nofollow">Shibarium hardfork</a> to the many listings of the Shiba Inu ecosystem tokens, the question of SHIB's rebound is a matter of if and not when.

3 Shiba Inu Metrics to Watch as SHIB Plays Rebound Game

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