As a seasoned crypto investor with a penchant for meme coins and a soft spot for Shiba Inu (SHIB), I find myself caught between optimism and apprehension. On one hand, SHIB’s 13% dip over the past two weeks is concerning, especially given its potential to disrupt the market landscape. However, my experience tells me that the crypto world can be unpredictable, often flipping from bearish to bullish in the blink of an eye.
TL;DR
- SHIB is down 13% in two weeks amid negative sentiment on Telegram and declining network activity.
However, some indicators, like increased exchange outflows, suggest a potential price rebound.
Bears in Control?
Over the past fortnight, the widely recognized meme currency has struggled, experiencing a 13% drop (as shown by CoinGecko’s data). Although it regained some value from its recent high, it continues to show a loss.
The unstable state of SHIB aligns with four bearish signals predicting potential downtrends in the upcoming period. Firstly, there’s a decrease in Net Network Growth – a momentum signal that reflects the true expansion of the token’s blockchain – which, as reported by IntoTheBlock, has dropped by 0.19% on a daily basis.
Up next, let’s discuss the sentiment towards SHIB on Telegram. The data indicates that about 45% of conversations regarding this cryptocurrency are negative, whereas only 5% are optimistic. Interestingly, nearly half or 48%, of the users discussing SHIB remain neutral.
Shiba Inu is one of the cryptocurrencies that boasts a large and passionate community. Consequently, emotions expressed on messaging platforms can significantly influence trading activities, potentially swaying market trends based on the prevailing sentiment.
“According to IntoTheBlock’s data, the significant drop in large transaction volume – with each transaction exceeding $100,000 – has reached approximately $45 million within the last 24 hours, marking a 35% decline compared to the previous day.
In conclusion, let’s discuss Shiba Inu’s layer-2 scaling solution, known as Shibarium. Some experts speculate that its future development could potentially trigger a rise in SHIB due to the benefits it offers across the entire ecosystem.
Nevertheless, Shibarium’s advancement seems to have slowed recently, as the number of daily transactions and newly created contracts has been decreasing over the past few weeks. Keep an eye on our Shibarium news page for the latest updates about the ecosystem.
Something for the Bulls, too
It’s notable that certain signs point towards a potential increase in the price of the meme coin. For instance, the Shibu Inu exchange netflow, which has shown a significant trend of outflows over inflows in the last month.
This change indicates a move towards personal custody methods instead of relying on centralized bodies. This transition tends to lessen the instant urge for selling.
Moreover, there are numerous users who believe in a prosperous future for crypto X, often referred to as the potential Dogecoin successor. For example, Yoddha recently suggested that the price chart exhibits a distinct triangular pattern. If this shape is broken upwardly, it could signal an impressive rally with triple-digit growth potential.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- REF PREDICTION. REF cryptocurrency
- ERG PREDICTION. ERG cryptocurrency
- CTC PREDICTION. CTC cryptocurrency
- NEXO PREDICTION. NEXO cryptocurrency
- DEGO PREDICTION. DEGO cryptocurrency
- ALCX PREDICTION. ALCX cryptocurrency
2024-10-11 21:18