Monday, June 3, 2024 ▪
4
min reading ▪ acc
SHIB traders, get ready for a roller coaster ride this June! The latest analysis reveals a bleak outlook for your favorite cryptocurrencies. With surprising market moves and falling indicators, it’s time to prepare for potential turbulence. Here’s a detailed look at upcoming events for the Shiba Inu (SHIB).
Shiba Inu: fall of hope
The month of June is off to a chaotic start for Shiba Inu, a crypto meme adored by many investors hungry for million dollar profits. AMBCrypto experts have noted a significant change that could put holders in a tricky situation.
Deep analysis using Glassnode shows this SHIB’s net trading position was positive as of June 1with 2.60 trillion tokens exchanged.
It means that many tokens were sent to crypto exchangescreates selling pressure.
Historically, such pressure often leads to drop in pricesand SHIB seems to be no exception. After a period of stagnation in April and May, where the price remained stablean increase in supply on stock exchanges could indicate another impending decline.
At the time of writing, SHIB was trading at $0.00002497 down 6.49% over the past 90 days. A continuation of this trend could lead the price to reach the $0.000020 level.
Falling demand for SHIB crypto
Another indicator of interest in SHIB is grow your network. This metric that measures the number of new addresses interacting with the popular American memecoin for the first timerecently fell.
According to Santiment data, this decline began after that peak on May 29, which signals a drop in network reception. Slow network growth often means less traction and interest in crypto Shiba Inuwhich could further create negative pressure on SHIB’s price.
Addition, SHIB daily circulationanother key metric, was 965.89 billion at the time of writing. Lower circulation means fewer transactions and therefore the demand for the token has decreased. Without a significant increase in demand, it seems unlikely that SHIB will be able to recover quickly.
Some analysts suggest that for a recovery to occur, the demand for SHIB would have to be spectacularwhich could push the price back to $0.000030.
As June progresses, SHIB holders should brace themselves for potential market fluctuations. With key indicators pointing to increased selling pressure and declining demand, the SHIB price could see further correction. However, as always in the cryptocurrency world, a spectacular reversal can never be ruled out.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
Click here to join “Read and Earn” and turn your cryptocurrency passion into rewards!
The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.