According to CryptoPotato, the broader meme coin category has experienced a decline over the past week, with an overall drop of nearly 8% across all tracked coins on CoinGecko. While Dogecoin (DOGE) and Shiba Inu (SHIB) are not the worst performers, they have still seen a decrease of more than 7% over the week. The past 30 days have been particularly challenging for SHIB, which has fallen almost 22%, raising concerns among investors. The trading volume for SHIB is also decreasing, adding to the worries for SHIB bulls.
IntoTheBlock has aggregated multiple on-chain and exchange signals for Shiba Inu that could potentially impact its price negatively. The current sentiment is described as “mostly bearish,” with only one out of six signals being bullish. Among these signals, the Net Network Growth is down by 0.19, indicating a decline in the token’s underlying network growth. Additionally, the percentage of “in the money” holders has decreased by 1% over the past day, meaning that the majority of SHIB investors are currently experiencing losses, with only 45% in profit.
The concentration metric, which serves as a proxy for whether large investors are accumulating or distributing SHIB tokens, has remained unchanged, which is interpreted as a bearish sign. Furthermore, the number of large transactions, a gauge for whale activity and interest, has dropped by 11% in the past day. These indicators collectively suggest a challenging period ahead for Shiba Inu.
