{"id":5662,"date":"2024-09-11T16:48:25","date_gmt":"2024-09-11T16:48:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5662"},"modified":"2024-09-11T16:48:25","modified_gmt":"2024-09-11T16:48:25","slug":"shiba-inu-fud-reaches-a-tremendous-level-as-this-shib-indicator-plummets-to-a-22-month-low-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5662","title":{"rendered":"Shiba Inu FUD Reaches a \u2018Tremendous\u2019 Level as This SHIB Indicator Plummets to a 22-Month Low: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

The number of small Shiba Inu (SHIB) holders has significantly decreased, reflecting high levels of Fear, Uncertainty, and Doubt (FUD).
\nDespite the current bearish sentiment, factors such as a shift to self-custody and an increase in SHIB\u2019s burn rate could potentially drive a future price uptrend.<\/p>\n

<\/a><\/span><\/h2>\n

Small Players Leave the Ecosystem<\/h2>\n

The popular meme coin Shiba Inu (SHIB) has been on a downfall in the past 30 days, with its price tumbling by 5.5% and currently trading at around $0.00001328. Unsurprisingly, the plunge has negatively affected investors in the asset.<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

The crypto analytics platform Santiment <\/span>estimated<\/span><\/a> that the 30-day average trading returns are down \u201cjust slightly\u201d at -1.1%, whereas the long-term returns have plummeted by -31.7%. According to the entity, the meme coin may <\/span>get back<\/span> on the green track once \u201cBitcoin <\/span>is able to<\/span> stabilize, and altcoins <\/span>are able to<\/span> flourish again.\u201d<\/span><\/p>\n

Santiment further observed that the number of wallets holding less than 1 billion SHIB has plummeted to its lowest level since November 2022. The platform argued this could indicate \u201ca tremendous level of FUD\u201d within the ecosystem, with large players controlling the <\/span>bigger<\/span> share of the circulating supply.\u00a0<\/span><\/p>\n

Fear, Uncertainty, and Doubt (FUD) refers to the spread of negative or misleading information, rumors, or sentiment that causes panic among investors<\/span>, leading<\/span> to potential selling pressure in the market.<\/span> The rising level <\/span>is typically seen<\/span> as a precursor of severe price swings.\u00a0<\/span><\/p>\n

Last but not least, Santiment maintained that the <\/span>volume of<\/span> social discussion surrounding SHIB has been \u201c<\/span>extremely low<\/span>\u201d since July, reflecting \u201ca sense of indifference and frustration from traders.\u201d\u00a0<\/span><\/p>\n

Some Good Signals for the Bulls<\/span><\/h2>\n

Contrary to the grim conditions mentioned above, some factors suggest that SHIB\u2019s price could be headed for an uptrend. One example is <\/span>the Shiba Inu exchange netflow,<\/span><\/a> which has been predominantly negative in the last seven days.
\n<\/span><\/p>\n

<\/a>SHIB Exchange Netflow, Source: CryptoQuant<\/p>\n

The development suggests a shift from centralized platforms to self-custody methods, which may reduce the immediate selling pressure.<\/span><\/p>\n

Next on the list is the meme coin\u2019s burning mechanism. The burn rate <\/span>exploded<\/span><\/a> by over 8,000% in the past 24 hours, resulting in more than 3 million tokens sent to a null address.\u00a0<\/span><\/p>\n

The program\u2019s ultimate goal is to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable in time. So far, approximately 410 trillion tokens have <\/span>been destroyed<\/span>, leaving 583.4 trillion in circulation.<\/span><\/p>\n

The post Shiba Inu FUD Reaches a \u2018Tremendous\u2019 Level as This SHIB Indicator Plummets to a 22-Month Low: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR The number of small Shiba Inu (SHIB) holders has significantly decreased, reflecting high levels of Fear, Uncertainty, and Doubt (FUD). Despite the current bearish sentiment, factors such as a shift to self-custody and an increase in SHIB\u2019s burn rate could potentially drive a future price uptrend. Small Players Leave the Ecosystem The popular meme […]<\/p>\n","protected":false},"author":0,"featured_media":5663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5662"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5662"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5663"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}