{"id":6985,"date":"2024-09-16T11:41:38","date_gmt":"2024-09-16T11:41:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6985"},"modified":"2024-09-16T11:41:38","modified_gmt":"2024-09-16T11:41:38","slug":"3-worrying-signs-for-shiba-inu-shib-as-price-enters-red-territory-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6985","title":{"rendered":"3 Worrying Signs for Shiba Inu (SHIB) as Price Enters Red Territory: Details"},"content":{"rendered":"

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

Shiba Inu\u2019s price dropped after a brief surge, with some metrics indicating further bearish trends.
\nThe token\u2019s burn rate has sharply decreased, while over half of its investors are currently sitting on paper losses.<\/p>\n

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

The Overall Bearish Conditions<\/h2>\n

The price of Shiba Inu (SHIB)<\/span> witnessed a minor uptick last week, surging to as high as $0.00001407 on September 14.<\/span> However, the rally was short-lived, and the valuation tumbled in the past 24 hours to the current $0.0000133.\u00a0<\/span><\/p>\n

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

The meme coin\u2019s price plunge aligns with some declining on-chain metrics, <\/span>signaling that bulls might suffer <\/span>further pain in the near future. According to IntoTheBlock,\u00a0<\/span>Net Network Growth (a momentum signal that gives \u201ca pulse of the true growth of the token\u2019s underlying network\u201d) has\u00a0fallen<\/a> by 0.19%\u00a0<\/span>daily.<\/span>\u00a0<\/span><\/p>\n

Large transaction volume<\/span> (the aggregated daily volume where each on-chain transaction exceeds $100,000) has reached $5.3 million, representing a 76% crash on a daily scale.<\/span>\u00a0<\/span><\/p>\n

Last <\/span>but not least<\/span>, we will focus on the Shiba Inu burning mechanism. Over the past 24 hours, the burn rate has <\/span>collapsed<\/span><\/a> by 96%, resulting in only 227,000 tokens sent to a null address.<\/span><\/p>\n

The program\u2019s ultimate goal is to reduce the <\/span>huge<\/span> circulating supply of SHIB, making it scarcer and potentially more valuable in the future (assuming demand doesn\u2019t head south). More than 410 trillion tokens have been destroyed since the <\/span>launch of the effort<\/span>, leaving approximately 583 trillion in circulation.<\/span><\/p>\n

Not long ago, the team behind Shibarium (Shiba Inu\u2019s layer-2 scaling solution) also <\/span>adopted<\/span><\/a> a burning mechanism called a \u201cBurn Portal.\u201d <\/span>It differs from the original program since it relies on BONE<\/span> \u2013 <\/span>the <\/span>governance token of the ecosystem<\/span>. The coin is used to pay for gas fees.<\/span><\/p>\n

A portion of the costs, paid in BONE, is used to purchase SHIB tokens, which <\/span>are subsequently sent<\/span> to a null address. Users <\/span>are able to<\/span> initiate a burn only if they have more than 100 BONE.<\/span><\/p>\n

SHIB Trails Behind DOGE and PEPE on This Front<\/span><\/h2>\n

Unsurprisingly, Shiba Inu\u2019s poor performance has negatively affected investors in the asset. IntoTheBlock data shows that 45% of the HODLers are <\/span>sitting<\/span><\/a> on paper profits, whereas 52% are underwater. The situation was much different in March this year when SHIB experienced a bull run. Back then, 63% of all SHIB investors <\/span>were in the green.<\/span><\/a><\/p>\n

On the contrary, the vast majority (72%) of Dogecoin (DOGE) holders are currently <\/span>sitting<\/span><\/a> on <\/span>profit<\/span> of their initial investments, while only 25% are in red territory.<\/span><\/p>\n

Pepe (PEPE) investors are also in a better position than SHIB ones, with 49% \u201cin the money\u201d and 40% witnessing some losses as of now.<\/span><\/p>\n

The post 3 Worrying Signs for Shiba Inu (SHIB) as Price Enters Red Territory: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu\u2019s price dropped after a brief surge, with some metrics indicating further bearish trends. The token\u2019s burn rate has sharply decreased, while over half of its investors are currently sitting on paper losses. The Overall Bearish Conditions The price of Shiba Inu (SHIB) witnessed a minor uptick last week, surging to as high […]<\/p>\n","protected":false},"author":0,"featured_media":6986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6985","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\/6985"}],"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=6985"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6986"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}