As a researcher with experience in the cryptocurrency market, I have observed the recent downtrend of Shiba Inu (SHIB) and the reasons behind it. While some investors are solely focused on price trends, I believe that network actions play a significant role in determining the potential for long-term growth.
The value of Shiba Inu (SHIB) experienced a significant decrease as investors in the market were unable to sustain excitement over developments within the community, spearheaded by lead developer Shytoshi Kusama. Currently, one SHIB is being traded for approximately $0.00002401, representing a 4.89% decline in value over the past 24 hours.
As Shiba Inu struggles to find its feet, three major on-chain metrics are worth watching closely.
Shiba Inu reboot mission
Many investors place great emphasis on price movements, but it’s important to note that numerous other significant players in the ecosystem prioritize network activities above all else. These actions often hold the key to substantial future growth.
As a crypto investor, I’m always keeping an eye on the profitability of my investments, including SHIB. According to data from IntoTheBlock, approximately 60% of the addresses in the SHIB network, representing around 806,850 wallets, are currently in profit. This means that more than half of the investors holding SHIB have made a profit on their investment at this moment.
As a researcher studying the cryptocurrency market, I’ve discovered that long-term investors remain hopeful about Shiba Inu (SHIB), despite only 36.36% or approximately 475,260 addresses being in profit. This optimism stems from SHIB’s impressive year-to-date growth of over 129%. Additionally, it’s essential to keep an eye on the correlation between SHIB and Bitcoin (BTC).
As long as Bitcoin continues to thrive due to the proliferation of spot Bitcoin ETFs, Shiba Inu may likewise retain a significant degree of robustness. Furthermore, the lengthy holding period of Shiba Inu investors is an eloquent testament to the coin’s liberating potential within the digital currency landscape.
According to IntoTheBlock’s findings, approximately 76% of Shiba Inu owners have possessed the cryptocurrency for over a year. The group owning it for 1 to 12 months represents around 21%, while roughly 3% have held it for less than a month.
If short-term investors decide to sell their tokens with this composition, the price effect might be minimal.
Shiba Inu fundamentals
In addition to the technical evidence supporting Shiba Inu’s token retention, the excitement surrounding Shibarium and anticipation of network expansion have kept up the overall positive sentiment towards the token.
The Shibarium hard fork and the numerous listings of Shiba Inu ecosystem tokens have raised the question of whether or not SHIB will bounce back, rather than focusing on the specific timing of its potential recovery.
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2024-06-06 12:52