Behind The Scenes Of Shiba Inu 12% Plunge: What On-Chain Analysis Tells Us
March 15 2024 - 9:00PM
NEWSBTC
Shiba Inu (SHIB), a popular memecoin, has experienced a notable
decline. It dropped nearly 20% over the past week and continued a
13% fall in just the past 24 hours. This downturn occurs amid a
broader bearish trend across the crypto landscape. However,
detailed on-chain analysis has uncovered specific factors
contributing to SHIB’s sharp decline. Related Reading: Crypto
Analyst Optimistic About A Shiba Inu Short-Term Surge To $0.000066
Whale Movements And Market Influence Insights from IntoTheBlock
have shed light on large transaction activities, often indicative
of “whale” movements, which have seen a general decrease since
March 5, further compounding the downward pressure on SHIB’s price.
The role of speculative trading in influencing SHIB’s market
performance has also become increasingly apparent. Data pointing to
the holding time of transacted coins suggests a shift towards
short-term trading strategies among investors, possibly in pursuit
of quick profits. Such behaviors are underscored by a significant
reduction in the average holding period of coins, from four weeks
to just two months as of mid-March, accompanied by a transaction
volume of 2.12 trillion SHIB. This trend towards speculative
trading has been a key driver behind the memecoin’s recent price
movements, reflecting the broader dynamics within the
cryptocurrency market. The decrease in large transactions involving
Shiba Inu signifies dwindling confidence among whales, whose
actions can profoundly impact market direction. The observed
decline in whale activities aligns with a broader caution in the
crypto market, where investors reevaluate their positions amid
shifting market conditions. Shiba Inu Bright Horizon Despite the
current downturn, Shiba Inu remains a focal point within the
altcoin sector, buoyed by optimistic predictions from crypto
analysts. Related Reading: Crypto Expert Says Dogecoin, Shiba Inu,
PEPE, Others Are About To Explode Michaël van de Poppe, a
well-regarded figure in the crypto analysis community, has recently
posited that altcoins, are set for significant rallies,
potentially positioning Shiba Inu for a notable rebound as the
market stabilizes. There’s still around 40-60% market
capitalization to gain for the #Altcoins. That’s going to be a fun
ride for the altcoins in the coming period.
pic.twitter.com/qT0FRU4qpY — Michaël van de Poppe (@CryptoMichNL)
March 7, 2024 This sentiment is echoed by Shiba Inu’s co-founder,
Shytoshi Kusama, who has expressed confidence in SHIB’s ability to
lead in the next bull market, citing the project’s comprehensive
plans, community support, and execution as key differentiators. No.
The community with the strongest tech, vision, plan, supporters,
partners, and execution will. #SHIB But if you wanted some
impressions why not say hi? https://t.co/jc6qJ11GJ6 — Shytoshi
Kusama™ (@ShytoshiKusama) March 6, 2024 Regardless, SHIB has
continued its bearish trajectory, with a market price now sitting
at $0.00002916 at the time of writing. Featured image from
Unsplash, Chart from TradingView
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024