Shiba Inu (SHIB) It is at risk of further price decline based on several on-chain indicators. bearish sentiment In the ecosystem. This can undoubtedly lead to frustration for meme coins. signs of recovery After significant price adjustments.
Shiba Inu Network Growth Is Declining
According to data On the market information platform Into the Block, Shiba Inu’s net network growth decreased by 0.48%. This indicator measures the total number of addresses holding SHIB tokens, with a decrease indicating: some addresses I offloaded my tokens last week.
The ‘In The Money’ indicator also indicates bearish sentiment in the SHIB ecosystem, down 0.20% over the past week. This indicator measures how many SHIB holders are making a profit, but it appears that most are currently losing money by holding SHIB. However, this indicator can quickly turn bullish again as follows: SHIB moves to the uptrend.
The large number of transactions on the network is another indicator that highlights the bearish sentiment in the SHIB ecosystem. According to data from IntoTheBlock, whale activity on the network has decreased by more than 10% in the past week. In this context, a large transaction means one worth more than $100,000. whale activity The network has cooled down.
Shiba Inu whale According to reports It holds 73% of the token’s circulating supply and plays a key role in SHIB’s price discovery. Meanwhile, data from IntoTheBlock shows that the cooling in whale activity on the network is also evident in the ‘Concentration’ indicator, which is currently neither bullish nor bearish.
The concentration indicator measures daily changes in whale location. This means that SHIB whales are not currently choosing to accumulate more meme coins in their portfolios.
silver lining
Data from IntoTheBlock shows that the ‘bid-ask imbalance’ is currently bullish. SHIB Investors I’m collecting meme coins again. This is a positive development as buy orders can help trigger trades. SHIB price soars. Moreover, other on-chain signals may turn bullish again as they increase. SHIB’s Value.
It is also worth noting that the overall outlook for SHIB tokens remains optimistic. Several cryptocurrency analysts predict Meme coins will see the biggest gains this market cycle. Cryptocurrency analysts like Altcoin Sherpa even predicted SHIB could eventually replace Dogecoin (DOGE) as the most valuable meme coin.
At the time of this writing, SHIB is trading around $0.00002667 over the past 24 hours. data From CoinMarketCap.
SHIB lingers at $0.000026 | Source: SHIBUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com