shiba inu In the ecosystem, bulls and bears are currently facing each other. According to on-chain data, bulls currently outnumber bears. For context, the bulls and bears indicator tracks the number of addresses that buy or sell more than 1% of the total volume traded on a given day.
24 hour SHIB its volume is currently measured at 125 million dollars. This means that those who buy more than $1.25 million of SHIB are in the bull category and those that sell over $1.25 million are in the bear category. At the time of writing, this ratio was 147 to 153 in favor of the bulls.
In order to understand whether the price of the Shiba Inu can “flame” again, it is necessary to examine the basic metrics first. While some of the big investors continue to buy SHIB tokens, some big investors are making the opposite move. In the past day, inflows stood at 579.2 billion SHIB, while outflows hovered around 480.1 billion. As a result, the net flow of 99.1 billion tokens was only $716,493 in dollars at the time of writing. Therefore, even though the net figure is almost even, there is insufficient buy-side momentum.
Social sentiment in the Shiba Inu has also been declining for some time. In the past seven days, social interactions have dropped more than 97%, while mentions have dropped 94%. These factors also SHIBnegatively affected the social dominance of ‘s and decreased by more than 90%.
In the futures market, SHIB’s funding rate fell into negative territory. As shown below, no such negative rate has been recorded by the Shiba Inu for more than two weeks. This is also the case for bullish investors. meme coinIt shows that he has withdrawn his hands from .
Therefore, it is a difficult prospect to rise on the charts until and unless we witness a flow of buying momentum and a change in sentiment. The continuation of the current conditions may turn things into a positive direction again.
You can follow the current price action here.