Shiba Inu [SHIB] has been unusual in June as AMBCrypto has observed recent changes that could lead to holder bankruptcy. According to our analysis using Glassnode, SHIB’s net exchange position change is positive. $SHIB#SHIBA✅🚀 #SHIBA🚀
Specifically, the metric stood at 2.60 trillion as of June 1. Exchange net position change tracks the token supply held in supply wallets.
If the indicator is positive, it means that a large amount of tokens are being sent to the exchange. Most of the time, continued inflows bring selling pressure, causing prices to fall.
No improvement, only explosion
On the other hand, a negative number means that more tokens were withdrawn from the exchange than were deposited. In this case, the price of the token may subsequently increase.
For Shiba Inu, the net change was negative from March to mid-May. However, it was not until March that prices benefited from the flow.
During this period, the price of SHIB reached $0.000035. But April and May were not so optimistic for the coin as the price spent most of the time moving sideways.
With the recent surge in supply on exchanges, Shiba Inu token holders may have no choice but to wait for the price to drop.
At press time, SHIB is valued at $0.000024, down 6.49% over the past 90 days. But before concluding that SHIB is destined to fall again, AMBCrypto analyzed the rest of the ecosystem.
Demand continues to weaken
One of the metrics evaluated is Shiba Inu’s network growth. Network growth is the number of new addresses interacting with the token for the first time.
The metric is often viewed as a sign of network adoption or traction. According to data from Santiment, network growth has retreated from its highest point reached on May 29.
Therefore, the drop further confirms that SHIB may plummet. If this is the case, the price of the cryptocurrency may fall to $0.000020.
However, we should not ignore a rebound. For a rebound to occur, the demand for SHIB must be very large. If this is the case, the value of the token may rebound to $0.000030.
In addition, AMBCrypto checked the daily circulation volume. An increase in circulation volume indicates that market participants are trading more tokens.
On the other hand, a decline indicates that the number of tokens in use is decreasing.
As of this writing, Shiba Inu has a daily circulation of 965.89 billion, indicating that the token is not one of the top memecoins being hyped in the market. $MEME
As a result, SHIB may not attract as much liquidity as other top memecoins. From a price perspective, unless things improve, the fate of the entire month is bad. #memecoin🚀🚀🚀
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