Shiba Inu Facing Risk of Further Price Declines
Shiba Inu (SHIB) is currently at risk of experiencing additional price declines according to various on-chain metrics, indicating a bearish sentiment prevailing in the ecosystem. This could potentially pose a setback for the meme coin, which had been displaying signs of recovery following a significant price correction.
Decline in Shiba Inu Network Growth
Information sourced from the market intelligence platform IntoTheBlock reveals that Shiba Inu’s net network growth has decreased by 0.48%. This specific metric determines the total number of addresses holding the SHIB token, signaling that some addresses have disposed of their tokens in the past week.
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- The ‘In The Money’ metric has also experienced a 0.20% decline, indicating a bearish sentiment within the SHIB ecosystem.
- This metric evaluates how many SHIB holders are currently in profit, with the majority appearing to be at a loss with their SHIB holdings.
- However, the situation could swiftly shift to a bullish outlook as SHIB moves upwards.
