Shiba Inu (SHIB) Faces Downtrend Amid 4.89% Drop: Key Metrics to Watch

  • Shiba Inu (SHIB) is currently grappling with a bearish trend as traders respond to the latest ecosystem updates from lead developer Shytoshi Kusama.
  • The token has seen a significant decline, trading at $0.00002401, reflecting a 4.89% drop over the past 24 hours.
  • This downturn raises questions about SHIB’s future, pressing investors to closely monitor critical on-chain metrics.

Explore the latest developments affecting Shiba Inu (SHIB) and understand the key metrics that could signal its next move.

Shiba Inu Reboot Mission

While price action often captures the most attention, it’s the underlying network activities that truly gauge a cryptocurrency’s potential for a long-term rally.

One critical metric is the profitability of SHIB tokens. According to data from IntoTheBlock, over 60% of SHIB addresses, amounting to 806,850 wallets, are currently profitable.

In contrast, 36.36% or 475,260 addresses are currently at a loss. Despite recent downturns, long-term investors maintain a bullish outlook, partially due to SHIB’s impressive 129% year-to-date (YTD) growth.

SHIB’s correlation with Bitcoin (BTC) also plays a vital role. If Bitcoin continues to show strength due to rising demand and potential ETF approvals, SHIB is likely to exhibit similar resilience.

The holder composition is another indicator of stability. More than 76% of SHIB holders have kept their assets for over a year, 21% have held them for 1-12 months, and only 3% are short-term holders.

This distribution suggests that even if short-term investors decide to sell, the overall impact on SHIB’s price may be minimal.

Shiba Inu Fundamentals

Beyond the technical analyses, Shiba Inu’s fundamentals contribute significantly to its sustainability and potential growth.

The launch of Shibarium and its subsequent hardfork have played a crucial role in maintaining investor confidence in the ecosystem.

Moreover, continuous listings on various exchanges for Shiba Inu ecosystem tokens signal growing acceptance and potential market expansion.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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