- Meme coins have experienced a downturn over the past week, with a notable decline observed across the category.
- Leading meme coins such as DOGE and SHIB have suffered declines exceeding 7% in the last seven days.
- Shiba Inu (SHIB) has faced significant challenges over the past month, with a nearly 22% drop in value, accompanied by declining trading volumes.
Discover the recent performance trends of meme coins, focusing on Shiba Inu (SHIB), and understand the bearish signals impacting its price.
Shiba Inu’s Worrying Performance Metrics
Shiba Inu (SHIB) has been under significant pressure recently, highlighted by multiple bearish indicators. According to IntoTheBlock, a range of on-chain and exchange signals reflect a largely negative outlook for SHIB, exacerbating the concerns of investors.
Key Bearish Indicators for SHIB
One of the critical metrics, the Net Network Growth, has shown a decline of 0.19. This signal is crucial as it evaluates the real growth of SHIB’s underlying network. Additionally, the “in the money” indicator reveals that the proportion of SHIB investors making a profit has decreased by 1%, leaving only 45% in the green.
Whale Activity and Investor Sentiment
Another significant metric, the concentration metric, remains stable, which is a bearish sign indicating that large investors are neither accumulating nor distributing SHIB tokens. Furthermore, large transactions, often a measure of whale interest, have dropped by 11% in the past day, signifying reduced activity from major holders.
Conclusion
In summary, the current sentiment surrounding Shiba Inu (SHIB) is predominantly bearish. Multiple indicators, from network growth to whale activity, point towards continued challenges for the meme coin. Investors should remain cautious and stay informed about these metrics to navigate the volatile landscape of meme coins effectively.
