As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride for years, I must say that Shiba Inu’s September start is reminiscent of a familiar bearish tune. The price decline and bearish on-chain metrics certainly set an ominous tone for the meme coin this month. However, history has shown us that September isn’t always a friend to SHIB, with two consecutive losing months in 2023 and 2022.
To begin October, Shiba Inu (SHIB) appears to be trending downwards, with its value decreasing substantially since September 1. Using past trends as a guide, SHIB may experience further price drops this month, as it typically ends the month of September in the red, which is often the case for this meme coin.
Shiba Inu Begins September In The Red
Data from CoinMarketCap shows that Shiba Inu is down over 3% since September 1. This highlights the bearish outlook for the meme coin at the moment. Besides the price decline, on-chain metrics also paint a bearish picture for the meme coin, suggesting that Shiba Inu is at risk of further price declines.
According to data from market intelligence platform IntoTheBlock, the ‘In The Money’ indicator suggests bearish conditions because 53.17% of SHIB holders are now underwater due to the meme coin’s recent drop in value. This is notable since those currently holding at a loss might choose to sell their tokens in an effort to minimize their losses, potentially causing further price drops for Shiba Inu.
Keeping the price of Shiba Inu above $0.000010 is crucial because approximately 132 trillion SHIB tokens were purchased at this level, which makes up a significant portion of its current circulating supply. If Shiba Inu drops below this price, these tokens could be quickly sold by the 342,490 investors who hold them, potentially causing a flood in the market and increasing losses for those investors.
Another bearish on-chain metric for Shiba Inu is its net network growth. The number of daily new addresses in the SHIB ecosystem has remained low, highlighting how the mem coin’s adoption has stagnated. This is undoubtedly worrisome, as the meme coin needs an influx of new investors if it is to experience massive growth in this bull run.
Currently, significant Shiba Inu investors (often referred to as “whales”) remain among the bright spots within the meme coin’s market. As revealed by IntoTheBlock’s data, a spike in large transactions has occurred recently, indicating that these whales are once more buying up the meme coin, anticipating potential price increases for Shiba Inu in the future.
Historical Data Shows What To Expect From SHIB
As a researcher delving into the world of cryptocurrencies, I’ve been analyzing data from CryptoRank, focusing on Shiba Inu’s monthly returns over the years. The insights gleaned from this analysis suggest that we might see a similar trend for Shiba Inu this September. Interestingly, the last two Septembers have not been kind to Shiba Inu as it ended both months with a loss. Specifically, in September 2023 and 2022, Shiba Inu experienced a monthly loss of approximately 8.25% and 6.43%, respectively.
The only time the meme coin has ended September with a monthly gain was in 2021, the year it launched. As such, September could again be a bearish month for SHIB, seeing how it has recorded an average monthly loss of 3.39% in this month since it launched in 2021. However, this month could be bullish for Shiba Inu, especially if the sentiment in the broader crypto is bullish, with a potential rate cut on the horizon.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- NAKA PREDICTION. NAKA cryptocurrency
2024-09-03 07:41