HODLers Are Selling! Will This Altcoin Crash? – Cryptokoin.com

On-chain data shows that despite the recent market recovery, long-term investors are moving away from a popular altcoin project. While the price has been moving sideways for months, the lack of demand threatens to drop sharply.

This altcoin is losing its long-term investors

The drop in network growth and selling pressure from long-term investors could have negative consequences for the price. According to the latest metrics, Shiba Inu (SHIB) shows that the number of new users joining its network has fallen since early February 2023.

This apathy has been accompanied by the recent sideways and weak price movements. The Shiba Inu has spent much of the past weeks defending critical props. This shows that new buyers are uninterested and unable to sustain the development of the Shiba Inu network.

Shiba Inu network participants decreased by more than half!

In the table below, Glassnode reports that new wallet addresses created on the Shiba Inu network dropped from 4,575 on February 4 to 1,696 addresses at the close of March 21.

When the number of new addresses in a Blockchain network decreases, it indicates that interest in core service offerings decreases. Unless this trend is reversed, SHIB may struggle to find new demand in the coming weeks.

In addition, the decreasing balances of long-term holders also confirm the bearish outlook for SHIB. As reported by Santiment, the Average Age of SHIB tokens in circulation has dropped sharply.

In the Santiment chart below, the Average Age (90g) SHIB fell from 44.63 on Feb. 2 to 29.06 as of March 22.

Average Crypto Age (90d) data shows the average number of days that recently traded tokens have stayed at their current address. A sharp decline usually indicates a selling trend among long-term holders.

Selling pressure from long-term Shiba Inu investors may cause panic among crypto investors. This is an important factor that will trigger further price drops.

$0.000008 next stop for Shiba Inu?

Global In/Out of Money (GIOMAP) data compiled by blockchain research firm IntoTheBlock shows that SHIB could drop to $0.000008 soon.

SHIB investors who failed to break out of the $0.000011 resistance zone last week can now expect a drop towards $0.000008, which is the minimum price that 200,000 addresses paid for approximately 47 trillion SHIB tokens. Failure to hold this level could see SHIB drop further to $0.000006, mitigating the collapse of 154,000 addresses that bought 53 trillion tokens.

Still, if the SHIB breaks out of the current resistance zone at $0.000012, the bulls may take control again. This is where 138,000 addresses originally purchased approximately 93 trillion SHIB. If this resistance is broken, SHIB could start a prolonged rise towards $0.000012. Here, 100,000 addresses bought a total of 466 trillion SHIB.

cryptocoin.com In this article, we have included the “stolen” allegations about the highly anticipated Shibarium.

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