🆘🆘 Why should you stay away from SHIB at this time!!!
Shiba Inu (SHIB) price is fluctuating around 0.025 USD and the trend is still unknown.
SHIB's 24-hour Active Addresses metric plummeted from 16,770 on May 22 to 6,852 on May 30. The decline in the number of investors interacting with the Shiba Inu blockchain shows that investors Investors are not interested in this memecoin at the current price.
Additionally, SHIB holders are actively taking profits, as indicated by the rising Net Profit/Loss (NPL) indicator. Following a 32% increase in token price over the past two weeks or so, there have been three significant increases in NPL, indicating aggressive profit-taking, reinforcing SHIB's bearish outlook.
Furthermore, the SHIB supply held on exchanges has also increased from 74.56 trillion to 76.87 trillion, worth nearly 76 million USD. This behavior shows that holders are uncertain about the future and may be looking to dump tokens in the event of a panic sell-off.
Finally, the Whale Transaction Count (WTC), transfers worth $100,000 or more, of Shiba Inu also jumped during the recent rally, suggesting that institutional investors are also looking to sell.
Overall, the SHIB price outlook looks bleak, at least in the short term. Although the technical outlook suggests recovery potential, investors should remain cautious. Because liquidity is present on both sides of the consolidation process, it is difficult to determine the direction of SHIB's price movement.
