As on-chain data shows, almost half of its investors are losing money as Shiba Inu is currently going through a difficult period. Only 53% of SHIB holders are in the money or have profitable investments at the moment, while 43% are losing money, according to profitability metrics.

Concerns regarding the asset's trajectory and market dynamics are not random, as profitability is one of the main reflections of the situation on the market. The on-chain signals from SHIB also present a negative outlook. The number of large transactions has decreased by 60.9% over the last seven days, according to metrics like net network growth. Given that whales and institutions are typically the main drivers of bullish price movements, this decline points to a decline in their activity.

Additionally, the asset is still vulnerable to large price swings because of the 73% concentration of holdings by major players. As can be seen from the market chart, SHIB has pulled back considerably from its previous highs and is currently trading close to the 100 EMA, a crucial support level. If this level is broken, additional losses might occur, possibly putting the black 200 EMA to the test. Resistance at $0.000023, on the other hand, is still crucial.

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A break above this level might rekindle bullish sentiment, but given the state of the market and sentiment, this move might not happen anytime soon. The waning network growth, which indicates fewer new wallet activations, is another alarming indicator. This suggests that there is little interest from new investors, which is important for maintaining increasing momentum in a market as speculative as SHIB. Additionally, there is a slight drop in Telegram community metrics, which indicates a decline in community enthusiasm and engagement.

A shift in market sentiment is required for SHIB to get back on track. This might manifest as a resurgence of whale activity, strong network expansion or a breach of significant resistance levels. The best course of action for those who still own SHIB may be cautious optimism until then. SHIB's short-term future may be determined by the $0.000020 and $0.000023 price zones, so investors should keep a close eye on them.

The world of cryptocurrency is buzzing with excitement, especially around Shiba Inu (SHIB)! 🐶 With its recent price movements and a significant uptick in burn rates, many investors are left wondering: could SHIB actually soar to $1? Let’s dive into the details! 🔍
1️⃣ Current Price and Recent Performance 📈
As of now, Shiba Inu is trading at $0.00002812, marking a remarkable 163% increase from its lowest point in August. This surge has caught the attention of traders and analysts alike, sparking discussions about the potential for even greater gains. 📊
2️⃣ Analyst Predictions: A Bullish Outlook? 🔮
Several analysts are expressing optimism about SHIB's future. Notably, one analyst, known as SHIB Mortal, has boldly predicted that SHIB could reach $1 during this upcoming bull run! 💥 Another trader, Daink, who has garnered a substantial following, also sees a strong bullish movement on the horizon based on technical analysis. Could this be the moment SHIB enthusiasts have been waiting for? 🤔
3️⃣ The Power of Token Burns 🔥
One of the most intriguing aspects of Shiba Inu's ecosystem is its burn rate. Recently, the 24-hour burn rate skyrocketed by an astonishing 425%, resulting in the burning of 71,122,860 coins! This brings the total number of burnt SHIB coins to over 410 trillion, with more than 584 trillion still circulating. The burning mechanism is designed to reduce supply, potentially increasing demand and price. 📉➡️📈
4️⃣ Shibarium: A Game Changer? 🌐
Shibarium, the layer-2 network for Shiba Inu, has been making waves in the crypto community. It has processed over $645 million in transactions and boasts more than 2.01 million addresses. 🚀 A portion of the fees from BONE transactions on Shibarium is converted to SHIB and subsequently burnt, further supporting the token's deflationary model. This innovative approach could play a crucial role in SHIB's price trajectory. 💡
5️⃣ Investor Behavior: A Shift in Strategy 📉
Interestingly, there has been a 1.73% decrease in the total tokens held on exchanges over the past week. This trend suggests that investors are moving their tokens off exchanges, possibly in anticipation of future price increases. 📦💨
6️⃣ Technical Analysis: Patterns and Projections 📊
From a technical standpoint, SHIB has shown a slow uptrend since hitting a low of $0.00001095 in August. A golden cross pattern formed on November 4, signaling potential bullish momentum. Additionally, the price has created a cup and handle pattern, which is often seen as a bullish continuation signal. If this pattern plays out, we could see SHIB rise to approximately $0.00005470. 🌈
7️⃣ The $1 Question: Is It Possible? 🤷‍♂️
While the idea of SHIB reaching $1 is tantalizing, it’s essential to consider the numbers. Achieving this price would require an improbable increase of 3.02 million percent! While the crypto market is known for its volatility and surprises, such a leap would be unprecedented. ⚡
Conclusion: The Future of Shiba Inu 🌟
In summary, Shiba Inu is experiencing a thrilling phase with its price surging and burn rates climbing. While the predictions of reaching $1 are exciting, it’s crucial to approach these forecasts with caution. The crypto market is unpredictable, and while there are bullish indicators, the journey ahead remains uncertain.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making investment decisions. 📚
🤔 What do you think? Share your theories and speculations in the comments below! 💬
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