After another 65% drop from its peak earlier this year, Shiba Inu (SHIB) has reached a new low. Despite a brief resurgence in large transactions, this once-popular meme coin remains in dire straits, with technical analysis painting a bleak picture of its current challenges.
The steady decline in SHIB’s price is evident in the charts, recently dipping to around $0.00001584. The bearish momentum is underscored by the 50, 100, and 200 exponential moving averages, all trending downward. Much of the gains made during SHIB’s peak periods have been eroded due to the persistent lack of demand.
On-chain data provides additional context, revealing 29 SHIB transactions in the last 24 hours, amounting to a total of 1.15 trillion SHIB. While this activity might seem significant, it’s crucial to note that on July 25, 2024, large transaction volumes hit a seven-day high of 55 and a seven-day low of 15 on July 28, 2024. This indicates some movement but not enough consistency to signal a long-term recovery.
The broader market indicators tell a similar story. According to a token summary, only 48% of SHIB holders are currently in profit, while 47% are experiencing losses and 5% are breaking even. These figures highlight the recent difficulties faced by SHIB investors.
Significant volatility in transaction volumes was also observed, peaking at 1.95 trillion SHIB on July 29, 2024. Despite this temporary spike, the overall market sentiment remains cautious, and recent large volumes have not reversed the prevailing bearish trends.
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Moreover, a substantial amount of SHIB is held by a small number of key players, with 73% of the supply concentrated among major holders.
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