As a seasoned researcher with a knack for deciphering market trends and patterns, I find myself once again gazing at the tumultuous landscape of cryptocurrencies, this time focusing on Shiba Inu (SHIB). Having witnessed its meteoric rise and subsequent fall from grace, my heart goes out to those who found themselves in the doghouse.
As a researcher, I’ve observed that Shiba Inu (SHIB) has hit another record low, dipping 65% from its initial high this year. This once popular meme coin continues to struggle, despite a temporary surge in large transactions. The technical analysis clearly reflects the challenges SHIB is facing.
Over the past period, the price has consistently decreased, as depicted in the chart, reaching approximately 0.00001584 most recently. The falling trend of the 50, 100, and 200 Exponential Moving Averages indicates ongoing bearish pressure. Due to this prolonged downturn resulting from insufficient demand, a large portion of Shiba Inu’s (SHIB) gains achieved during its peak periods have been erased.
Examining the blockchain data offers a bit more insight into recent SHIB activity. Over the past day, there were 29 transactions involving Shiba Inu tokens, accumulating a total value of 1.15 trillion SHIB. While this level of activity appears significant, it’s crucial to consider that in July 2024, daily transaction volumes peaked at a seven-day high of 55 on the 25th and dropped to a seven-day low of 15 on the 28th. This suggests that while there has been some activity, it hasn’t been consistent enough to trigger a lasting recovery process.
As an analyst, I’ve noticed a striking surge in high transaction volume, reaching a peak of 1.95 trillion SHIB on July 29, 2024. However, the market remains generally wary, despite this temporary uptick. Despite these substantial recent volumes, the prevailing bearish trends have yet to be reversed.
As someone who has been involved in the crypto market for quite some time now, I can’t help but notice the striking similarities between the current state of Shiba Inu (SHIB) and several other altcoins that have come before it. The story is eerily reminiscent of past market trends, as indicated by wider market indicators.
Additionally, it’s worth noting that a significant portion of Shiba Inu (SHIB) is controlled by a limited number of major stakeholders, as evidenced by the high percentage of 73% held by large investors.
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2024-08-01 11:19