- Shiba Inu price is on a downward spiral, posting nearly 3% losses overnight.
- Proponents note that the Dogecoin-killer has lost 55,000 holders within a ten-day period.
- Analysts believe Shiba Inu price is prepared for a trend reversal following the recent downtrend.
Shiba Inu price continues its downtrend due to the dropping number of holders. There is a sharp decline in the number of hodlers in the Dogecoin-killer.
Shiba Inu price prepares for a trend reversal in the meme coin
Shiba Inu price has posted losses overnight in response to the drop in the meme coin's adoption. Analysts have noted a steady decline in the number of holders and on-chain activity in the Dogecoin-killer's network.
After a consistent spike in the number of Shiba Inu holders for over three months, there has been a significant drop over the past ten days. Shiba Inu had 1,198,789 holders on March 15, 2022; after a decline of nearly 55,000, the meme coin's price started a downward trend.
Over the past two days, the Shiba Inu community has burned 230 million tokens and sent them to the inferno wallet.
A reduction in the Dogecoin-killer's supply drives the meme coin's price higher. Analysts have evaluated the Shiba Inu price trend and predicted a reversal in the meme coin.
Shiba Inu is on track to recover from its downtrend, and FXStreet analysts have set a target of $0.000032. Analysts believe Shiba Inu price has the most upside potential among Bitcoin, Ethereum, and altcoins and is prepared for its recovery.
Analysts note that the Ichimoku cloud is extremely thin going forward from March 25, 2022. It is the thinnest that it has been for any length of time, signaling a rise in bullish potential in Shiba Inu.
Analysts have predicted a Shiba Inu price rally and believe the meme coin would end its downtrend soon.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
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: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.