Shiba Inu (SHIB) is largely losing momentum as the broader crypto market quickly gives up its gains. The second largest meme coin has abandonment 2.77% in the last 24 hours with a trading price on the spot exchanges of $0.000009823. With trading volume dropping by over 17% to $196,265,702, the token has proven to be at the mercy of its bears in the short term.
Shiba Inu (SHIB) is largely losing momentum as the broader crypto market quickly gives up its gains. The second largest meme coin has abandonment 2.77% in the last 24 hours with a trading price on the spot exchanges of $0.000009823. With trading volume dropping by over 17% to $196,265,702, the token has proven to be at the mercy of its bears in the short term.
The latest erratic bull market action has forced Shiba Inu to give up some of its gains, and the token has lost another zero.
Over the past month, Shiba Inu added and lost new numbers but ultimately failed to turn the $0.00001 price level into a real support zone. Market sentiment around the Shiba Inu is very bearish, but one metric remains promising and shows that an imminent long-term bullish trend cannot be ruled out.
On-chain data shows that despite recent bouts of sell-offs, Shiba Inu is still at “Greed” on the Fear and Greed Index. This implies that Shiba Inu bulls still have a hidden desire to go all out with the token and given the right conditions, they can accumulate the coin again.
Shiba Inu Metrics at Turning Points
While the Shiba Inu price drop is a function of sentiment in the broader market outlook, its key on-chain metrics are also at a critical point. Shibarium’s transaction count has fallen to its lowest level in months, with just 1.33 million transactions recorded in the last 24 hours.
The burning rate also dropped by 95% overnight, with only 820,007 SHIB burned so far. These same metrics could change at any time in response to the market’s underlying greed, and may play a crucial role in getting SHIB back on its winning path, as it always has.
