Shiba Inu (SHIB) is facing the risk of dropping to $0.000014 as a significant number of addresses are selling off their holdings. Despite the recent decline in the memecoin’s price, both retail and whale investors have been reducing their balances. The decline in holdings by whales, who hold large amounts of SHIB, could result in another price fall for the cryptocurrency. At present, SHIB is trading at $0.000016, representing a 14.88% decrease in the last seven days.
AMBCrypto’s on-chain analysis shows that Shiba Inu may struggle to recover from its recent downturn due to the decrease in holdings by both retail and whale investors. The Balance By Holdings metric, which indicates whether existing holders are adding to their positions or selling off some of their holdings, has shown a significant decrease in balances across different investor groups. The decrease in holdings by whales, especially those holding more than $10 million, could further impact SHIB’s price.
The Network Value to Transactions (NVT) Ratio for Shiba Inu spiked to a high point on June 22nd, indicating that the cryptocurrency was overvalued at that time. This could potentially lead to a further price drop for SHIB, with the token possibly falling to $0.000014 if the downward trend continues. The low number of active addresses on Shiba Inu’s network also suggests minimal demand for the cryptocurrency, making it challenging for the price to reach higher levels in the short term.
Investors can use the Shiba Inu Profit Calculator to check the profitability of their SHIB holdings. The calculator allows users to assess their potential gains or losses based on the current market conditions. Monitoring the 24-hour active addresses on Shiba Inu’s network can provide valuable insights into the level of user participation in transactions. An increase in active addresses is considered bullish, while a decrease suggests that users are leaving the network, putting the price at risk of a decline.
In conclusion, Shiba Inu is facing challenges as a result of the decrease in holdings by both retail and whale investors, as well as the overvaluation indicated by the NVT Ratio. The potential drop in price to $0.000014 highlights the uncertainties surrounding SHIB’s future performance. Monitoring key metrics such as active addresses and the NVT Ratio can help investors make informed decisions about their SHIB holdings. It remains to be seen how SHIB will fare in the coming days and whether it can recover from its recent downturn.
