Shiba Inu (SHIB) is losing momentum as the broader crypto market quickly gives up its gains. The second largest meme coin fell by 2.77% in the last 24 hours, with the price trading on spot exchanges at $0.000009823. With trading volume down more than 17% to $196,265,702, the token proved to be at the mercy of its short-term bears.
The latest erratic bull-bear action forced Shiba Inu to give up some of its gains, with the token losing another zero.
Over the past month, Shiba Inu added and lost new numbers, but it ultimately failed to turn the $0.00001 price level into a true support zone. Market sentiment around the Shiba Inu is very bearish, but one indicator remains promising to show that an imminent uptrend cannot be ruled out in the long term.
On-chain data shows that despite the latest waves of sales, Shiba Inu is still in the “Greed” category on the Fear and Greed Index. This implies that Shiba Inu bulls always have a hidden desire to go all out for the token and that, under the right conditions, they could start accumulating the coin again.
The Shiba Inu measures at tipping points.
Although the decline in Shiba Inu price is a function of the general sentiment of the market outlook, its main on-chain indicators are
t also at a turning point. The number of Shibarium transactions has dropped to its lowest level in months, with only 1.33 million transactions recorded in the last 24 hours.
Burn rate is also down 95%.
overnight, with only a small 820,007 SHIB
burned so far. These same measures could
return at any time in response to
the underlying greed of the market, and they could play a crucial role in returning SHIB to its
winning ways as they always have.
#BTC #SHIBA #BONK
