Shiba Inu (SHIB) is significantly losing traction as the overall cryptocurrency market quickly gives up its gains. The price of the second-largest meme currency, which is currently trading at $0.000009823 on spot platforms, has decreased by 2.77% during the last day. With trading volume falling more than 17% to $196,265,702, the coin has shown itself to be vulnerable to short-term weak market conditions.
Shiba Inu has had to give up some of its gains due to the recent unstable bull-bear behaviour, as the token has lost another zero.
Shiba Inu has added and lost new numbers over the last month, but it has finally been unable to establish the $0.00001 price level as a real support zone. Although there is a strong adverse attitude in the market for Shiba Inus, there is still a statistic that indicates there is a chance of an impending uptrend in the long run.
Shiba Inu remains in “Greed” on the Fear and Greed Index, according to on-chain statistics, despite the recent sell-offs. This suggests that Shiba Inu bulls may still be secretly motivated to fully invest in the token, and under the correct circumstances, they may start hoarding the coin again.
Shiba Inu metrics at tipping points
Shiba Inu’s price decline is a result of the general outlook for the market, but its important on-chain measures are also shifting. With just 1.33 million transactions in the last day, the number of Shibarium transactions has plummeted to its lowest point in months.
Overnight, the burn rate has likewise decreased by 95%, with just 820,007 SHIB burnt thus far. These same indicators may change at any point in reaction to the underlying greed of the market, and they might be very important in getting SHIB back to how they’ve always done well.
