- Shiba Inu price shows an uptick in social media dominance.
- One hundred thirty million dormant tokens have recently entered the circulating supply.
- Invalidation of the bearish thesis is a breach above $0.00001700.
Shiba Inu price shows interesting on-chain metrics, which hint that the market bottom is not yet secure.
Shiba Inu price could fall again
Shiba Inu price currently auctions at $0.00001204 as the bears have rejected the notorious meme coin from the 8-day simple moving average. Though the bullish countertrend rally has not been entirely liquidated, a few factors underneath the hood hint at a bearish stronghold.
According to Santiment’s Daily Active Addresses, the SHIBA token has seen a significant recent uptick in active daily addresses. The slight uptick from 4,600 to the current reading at 6,200 suggests whales may be onboarding their SHIB tokens to exchanges with plans to sell soon.
Additionally, the SHIB price witnessed a massive influx of dormant tokens entering the market during the first week of August. According to the indicator, 130 million tokens that had never been moved in the last two years were suddenly transferred. This is a very concerning signal as, statistically, upticks in circulating tokens usually result in drastic crypto sell-offs.
Santiment's Daily Active Addresses, Social Dominance, 2 Year Dormant Circulation Indixators,
Lastly, the Shiba Inu price has witnessed an uptick on all social media platforms. With a social dominance performance nearly doubling over the summer compared to the spring, this can be viewed as a contrarian bearish signal. Statistically, the indicator shows the world's famous dog coin does not jump in price when everyone is watching.
In summary, the Shiba Inu price could set up a cataclysmic decline. Based on the technical and on-chain metrics, the liquidity under the July 13 low at $0.00000976 stands a high chance of getting breached.
Invalidation of the bearish thesis is a breach above $0.00001700. If the bulls can take out this level, they could catalyze the next Shiba bull run with targets in the $0.00002400 zone, resulting in a 100% increase from the current market value.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.