SHIBAINU(SHIB)NEWS

Shiba Inu (SHIB) Faces New Lows Amidst Ongoing Market Struggles

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.

Source TradingView

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.

Read more Beware of Scams: How Shiba Inu (SHIB) Holders Can Protect Themselves

Moreover, a substantial amount of SHIB is held by a small number of key players, with 73% of the supply concentrated among major holders.

Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.

hassan

Hassan is the founder and owner of CoinShibaInu.com, a news platform dedicated to providing the latest updates and analyses on cryptocurrency. Driven by his passion for fintech and digital innovation, Hassan strives to deliver accurate and insightful content that helps readers stay informed about the dynamic world of digital assets and make well-informed investment decisions.

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