Shiba Inu's market capitalization has dropped below the $8 billion mark, reflecting significant challenges for this meme coin. The interest in purchasing the coin has evidently waned, as evidenced by the new transaction data.
Current Situation with Shiba Inu
According to blockchain analysts, Shiba Inu has hardly seen any new inflows. The general market state has also not been favorable for the coin's recovery. In the last day, there were 48 large transactions, a significant decrease from the seven-day peak of 134 transactions observed a few days ago.
Transaction Analysis
The amount of SHIB transferred in these transactions has drastically decreased from a peak of 3.52 trillion to 1.12 trillion tokens. Whales and large holders, who typically play a major role in the cryptocurrency market, are signaling a loss of confidence in SHIB. This consistent decline in volume and frequency of transactions confirms the overall negative sentiment.
Future Outlook
The negative outlook for Shiba Inu is further confirmed by the price chart analysis. The asset's price remains stuck around the $0.000013 level, encountering strong resistance at the 200-day exponential moving average. The general market sentiment and a low Relative Strength Index (RSI) also indicate a lack of upward momentum. Without new capital inflows or renewed interest from major stakeholders, SHIB's short-term struggles may persist.
Investors should closely monitor key indicators such as market capitalization and large transaction volumes to assess the potential for Shiba Inu's recovery.
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