Shiba Inu Growth Obstacles: Key Reasons

user avatar

by Giorgi Kostiuk

2 years ago

Despite positive market trends, Shiba Inu's price has decreased by 55% since December. Blockchain data analysis may help uncover the reasons behind this situation.

Recent Trends in Shiba Inu

The Shiba Inu token (SHIB) has significantly declined since December, reaching almost yearly lows and showing no signs of recovery even during overall market positivity.

Blockchain Data Analysis

According to IntoTheBlock, 46,240 addresses accumulated 549.56 trillion Shiba Inu tokens in the $0.000014 - $0.000019 range. These tokens are underwater as the current price stands at $0.0000135.

Impact of Token Burning

Out of the total 549.56 trillion tokens, about 410.43 trillion are in the burn address used by Vitalik Buterin in 2021, indicating that a significant portion of tokens acts as market resistance.

The analysis of the Shiba Inu situation highlights the importance of understanding blockchain's role in evaluating market movements. Current resistance complicates the cryptocurrency's growth.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

Satoshi Nakamoto Statue Unveiled in Vienna

Bitcoin Austria has unveiled a statue of Satoshi Nakamoto in Viertel Zwei, a lakeside business quarter in Vienna. This statue is part of a global initiative to place 21 identical Satoshi statues in 21 countries.

user avatarFilippo Romano

Nvidia Appoints Colette Kress as Interim CEO and Harvey Jones as Board Chair

Nvidia appoints Colette Kress as interim CEO and Harvey Jones as board chair following Jensen Huang's resignation.

user avatarEmily Carter

Nvidia Board Evaluates Arm CEO Rene Haas as Successor to Jensen Huang

Nvidia's board is evaluating Arm CEO Rene Haas as a potential successor to Jensen Huang, who recently resigned.

user avatarTomas Novak

Unocoin Suspends Services Amid Investigation of Suspicious Transactions

Unocoin has suspended services to investigate unauthorized transactions linked to its BitGo wallet.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.