Investors Sell Shiba Coin Due to Weak Demand
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The growing competition among meme coins, coupled with a general lack of investor interest, has created a challenging environment.
Bitcoin, after reaching a peak this year, has struggled to maintain demand above $70,000. Complications in the ETF market are further exacerbating overall conditions. Amid this backdrop, Shiba Coin’s position remains uncertain. What are the current trends and what can investors anticipate going forward?
Weakness in Shiba Inu (SHIB)
Despite lower-than-expected PCE data and the first Federal Reserve rate cut in 19 days, interest in altcoins remains subdued. Bitcoin has dipped below $58,000, and Shiba Coin holders continue to liquidate. The Realized Loss indicator, which peaked in August, now signals similar levels last seen during the July decline.
Significant realized losses are driving investors to sell, further confirming the downward trend for Shiba Coin. The Relative Strength Index (RSI) shows that SHIB has been below the neutral zone for an extended period, indicating a long-standing decline in investor enthusiasm.
What About Other Meme Coins?
Newer meme coins like PEPE Coin and FLOKI are also experiencing weakness, making Shiba Coin’s situation predictable. This trend causes any upward movement by Bitcoin to be seen as a selling opportunity for Shiba Coin and similar assets.
At present, Bitcoin is trading at $58,080, having hit a daily low of $57,946. The weekend appears bleak, known for its low trading volume.
Key Takeaways for Investors
– Monitor the Realized Loss indicator for signs of increased selling pressure.
– Watch the RSI for confirmation of downward trends.
– Be cautious of weekend trading due to historically low volumes.
– Note that Bitcoin’s movements heavily influence meme coin prices.
