As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of ups and downs, moonshots, and market crashes. The current state of Shiba Inu (SHIB) is undeniably concerning, given its dwindling market capitalization and the lack of purchasing interest.
Currently having a market capitalization under $8 billion, Shiba Inu is experiencing another significant blow. The meme token’s future seems uncertain as it strives to rebuild momentum in a market showing decreased buying enthusiasm, suggested by this major break of support.
Shiba Inu (SHIB) hasn’t experienced much fresh investment, as per the recent on-chain data, and the overall market conditions haven’t been conducive for its resurgence. Interestingly, SHIB registered 48 substantial transactions yesterday, which is a marked decrease from the seven-day high of 134 large transactions that was noted just a few days ago.
Furthermore, the number of Shiba Inu (SHIB) coins moved in these transactions has significantly dropped from a high of 3.52 trillion to only 1.12 trillion SHIB tokens. This reduction suggests that large investors, such as whales and major holders, who typically have a significant impact on cryptocurrency market trends, may be losing faith in the market. This decrease in transaction volume and frequency could indicate a potential shift in their investment strategies.
The evidence supporting a pessimistic view is strengthened by the Shiba Inu price graph. Currently, the asset’s value seems stagnant at approximately $0.000013, locked in an extended downward trend. Moreover, the 200 exponential moving average has proven to be a significant hindrance, as Shib has failed to surpass it so far.
This suggests that a recovery may face significant resistance due to robust selling activity. The Relative Strength Index (RSI) remains low, suggesting there’s not enough momentum to push prices up. This issue is further compounded by the prevailing pessimism in the market. With little new buying support, Shib now seems more prone to further price declines.
In the event that new investments don’t pour in or existing key players don’t show renewed enthusiasm for SHIB, short-term challenges might persist. To see if there’s a change in fortunes, investors may want to keep an eye on significant factors like market capitalization and big transactions.
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2024-09-06 16:00