Popular meme coin Shiba Inu (SHIB) is losing momentum in a small way. Meme coin is traded on spot exchanges at $0.000009823. Additionally, it decreased by 2.77% in the last 24 hours. On the other hand, transaction volume decreased by more than 17% to $196,265,702.
The recent erratic bull-bear move forced SHIB to give up some of its gains. In this context, the token lost another zero. Over the past month, the Shiba Inu has added and lost new figures. However, it ultimately failed to convert the $0.00001 price level into a true support zone.
Market sentiment surrounding Coim is very bearish. But one metric remains promising to show that an imminent uptrend cannot be ignored in the long term.
On-chain data shows that despite the recent sell-off, the Shiba Inu is still at the “Greed” level on the Fear and Greed Index. This shows that Shiba Inu bulls still have a latent desire for the token. Therefore, it shows that they can continue to accumulate coins when the right conditions are provided.
The decline in the price of the Shiba Inu is a function of sentiment in the broader market outlook. However, underlying on-chain metrics are also at a tipping point. Shibarium The number of transactions fell to its lowest level in months, with only 1.33 million transactions recorded in the last 24 hours.
The cremation rate also decreased by 95% overnight and only 820,007 SHIBs have been cremated so far. The same metrics can change at any time in response to market greed and play a key role in getting SHIB back to the winning path it always has.