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.
