Bad News for Shiba Inu Coin: Dramatic Decline in Active Addresses
Shiba Inu coin is facing a significant decrease in the number of active addresses on crypto exchanges. Since its peak in 2021, there has been an 82% drop in users, indicating a lack of interest in the memecoin. This decline in active addresses follows the decline in the coin’s price, which is currently 90% below its historical highs.
Main Breakdown:
- Shiba Inu coin is experiencing a serious decrease in interest from its community.
- The number of active addresses has dropped from 756,000 to 129,000, a decrease of over 600,000 addresses or -82%.
- There has never been a real return of FOMO (fear of missing out) on the memecoin, despite the boost from the craze around the PEPE crypto.
- The number of new addresses has also plummeted, indicating a lack of optimism and eagerness to enter the market.
- The poor performance of Shiba Inu coin is characteristic of the entire memecoin sector, with brief bullish breaks followed by heavy declines.
Price Analysis of SHIB
The drop in active and new addresses can be attributed to the disappointing price performance of Shiba Inu (SHIB) coin. It ranks as one of the worst coins for losses in value, with an 11% decline between January and June 2023. The majority of the price action for SHIB is for distribution, with brief bullish breaks that are quickly suppressed by bears. Currently priced at $0.00000898, hopes for new bullish momentum for SHIB rely on breaking the $0.00001 level and surpassing the 60-period exponential moving average. On the downside, shorting may find an opportunity around $0.0000082 with potential movement down to $0.0000065.
Hot Take:
Shiba Inu coin’s decline in active addresses and disappointing price performance reflect the challenges faced by the memecoin sector. While there have been some recent small recoveries, the overall trend remains bearish. The future of SHIB and other memecoins is uncertain, and the once golden times of explosive growth are unlikely to return.
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