The Shiba Inu (SHIB) continued to earn throughout the day. However, despite being a highly volatile cryptocurrency, SHIB has recently fallen out of favor with investors due to its slow growth compared to other top digital assets.
There may be unprecedented vendor pressure for SHIB!
The SHIB price increased in today’s trading, as did the entire market. SHIB was up 4% earlier in the day but later declined and the token is currently trading at $0.0000107. According to crypto analyst Selena, if the positive mood of market participants continues, it can be predicted that SHIB will continue its ‘journey to the north’.
Still, the analyst says that, as IntoTheBlock data reveals, this will create unprecedented seller pressure on the altcoin price at some point. Where this point is for the altcoin is $0.000012. At press time, SHIB is changing hands at $0.00001067.
More than half of SHIB holders are at a loss
According to IntoTheBlock data, this is where a large amount of Shiba Inu tokens are currently concentrated. This applies to SHIBs purchased between $0.000011 and $0.000012. These tokens, with a total of approximately 117.92 trillion SHIB, are currently making a loss for their holders.
On the other hand, a 12% increase in price will save 75,000 addresses from losses. In addition, these wallets currently contain tokens with a total comparable value of $1.26 billion. It is unclear whether a large-scale Shiba Inu token sale will take place in this scenario.
According to IntoTheBlock, more than half of all Shiba Inu addresses are still in loss. Approximately 200,000 addresses, or 15.5% of the total, are at par. Only 31.6% of Shiba Inu addresses, or 402,000 in total, are currently profitable.
On-chain indicators do not support sustained growth or recovery
On closer inspection, the continued rise or revival in the price of the meme coin is not supported by on-chain indicators. cryptocoin.comAs you can follow, the SHIB growth trigger is not strong, with burn rate falling by 99% and trading volume falling by 39% in the last 24 hours. First, the Shiba Inu is benefiting from the broader bounce of the industry as Bitcoin gradually compensates for its losses with a 1.93% increase.
The Shiba Inu is probably the most sensitive to ecosystem fundamentals of any of his contemporaries. In reality, many traders are waiting for the ideal moments to accumulate and hold the digital token for a long time. Because the emergence of Shibarium and the deflationary tendencies it will cause are expected to increase the price of SHIB in the long run.
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