As a seasoned crypto investor with a knack for spotting trends and riding the waves of market volatility, I must say that the recent bearish sentiment among Shiba Inu investors has piqued my interest. The sell-offs, while disheartening, are not unprecedented in this sector, and they often signal an opportune moment to buy the dip.
Investors in Shiba Inu have grown pessimistic, leading to a series of sell-offs that have prevented the meme coin from surpassing the $0.000018 price mark. However, Santiment’s analysis suggests that this bearish attitude could actually be beneficial for the Shiba Inu community.
Shiba Inu Investors Turn Bearish Amid Selloffs
Investors in Shiba Inu have grown pessimistic due to the widespread selling in the cryptocurrency market. The overall crypto market has seen a downturn, with Bitcoin‘s price decline sparking this correction and causing SHIB to plummet. Data from IntoTheBlock suggests that there is a surge of sell-offs within the Shiba Inu community, as large transactions for the meme coin are currently showing signs of bearishness, hinting at whales offloading their tokens.
In a recent X post, Santiment pointed out a bearish attitude towards SHIB, as the initial optimism has shifted to skepticism about further price increases among the crowd. Interestingly, though, Santiment’s on-chain analysis platform sees this development positively, stating that Shiba Inu is one of the largest coins demonstrating the most potential for growth due to buying activity during periods of FUD (Fear, Uncertainty, and Doubt).
The cryptocurrency market is still considered speculative, even for the top coins in terms of market value. Consequently, the markets often trend against the general anticipation of the public. Therefore, if Shiba Inu investors exhibit a pessimistic attitude, it could potentially result in profitable opportunities for those who choose to buy low during the panic selling.
Santimet pointed out beforehand that such coins typically see substantial increases in value when investors have a pessimistic outlook on the market. Consequently, given the current heavy selling, SHIB might undergo a dramatic price spike, causing astonishment and bewilderment among the bearish investors.
The on-chain analytics platform also mentioned other top coins like Bitcoin, Dogecoin, Chainlink, XRP, and PEPE as showing the best upside based on how investors are buying them amid the crowd FUD.
SHIB’s Fundamentals Point To A Price Rebound
The strong indicators for Shiba Inu, like the rapid increase in its coin’s burn rate and the growing number of daily transactions on Shibarium, suggest a potential price surge for SHIB. Data from Shibburn indicates that the burn rate of Shiba Inu has experienced an extraordinary rise of over 65,500% within the last 24 hours, with more than 2.6 million SHIB tokens being destroyed during this timeframe.
As a researcher, I’m excited to share that we’re witnessing a significant development within the Shiba Inu ecosystem. The team has recently unveiled a novel burning mechanism for SHIB, which they’re implementing through Shibarium. Interestingly, this process involves minting a new token called FEED, and according to the WoofSwap team responsible for the decentralized exchange (DEX) on Shibarium, more SHIB will be destroyed in this process.
Currently, the number of daily transactions on Shibarium is soaring, a sign that could boost the value of Shiba Inu. According to data from Shibariumscan, these daily transactions on the network have returned to the millions, fluctuating between 10,000 and 20,000 for much of this year. On October 24 alone, Shibarium recorded a staggering 4.77 million daily transactions – the highest this year.
presently, the value of Shiba Inu is being exchanged at approximately 0.000017 USD. Over the past 24 hours, it has decreased by more than 1% as indicated by data gathered from CoinMarketCap.
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2024-10-26 05:41