What is behind the current SHIB price increase?
Amid the recent Shiba Inu (SHIB) price hike , on-chain data reveals a surprising fact: More than 86 percent of SHIB holders are in the red. This article examines these and other factors influencing the current Shiba Inu price.
Shiba Inu (SHIB) price hike and despite mixed on-chain data
Shiba Inu (SHIB) has seen a notable price increase of late, which has caught the attention of many investors and market watchers. But as SHIB’s price rises, a deeper analysis of the on-chain data paints an interesting picture. According to current data, more than 86 percent of all addresses with a certain amount of Shiba Inu are in loss. This is a remarkable statistic that adds to the understanding of current market dynamics.
The importance of on-chain data analysis at SHIB
On-chain data analysis is a powerful tool that investors and analysts use to gain a deeper understanding of what is happening on the blockchain. In this case, the analysis shows that despite the recent price surge, a significant number of Shiba Inu investors are still suffering losses. This could be due to a number of factors, including the timing of the purchase and sale, the size of the investment, and general market volatility.
Growing interest in Shiba Inu
It is important to note that the number of SHIB addresses is constantly growing. According to Etherscan, there are currently around 1.27 million Shiba Inu addresses. This indicates a growing interest and acceptance of Shiba Inu as a cryptocurrency. Despite the fact that many of these addresses are currently experiencing losses, the growing number of addresses shows that interest in SHIB continues.
Possible reasons for the losses
The fact that a significant number of SHIB investors are still suffering losses despite the recent price surge could be due to a number of factors. One of them could be the overall volatility of the cryptocurrency market. Cryptocurrencies are notoriously volatile, and price fluctuations are commonplace. Investors who bought SHIB at a peak could still see losses despite the recent price rally.
Speculative nature of cryptocurrency investments
Another factor could be the speculative nature of many cryptocurrency investments. Many investors buy cryptocurrencies in hopes of quick profits, without necessarily having a deep understanding of the underlying technologies or cryptocurrency’s long-term value. This can lead to situations where investors suffer losses when the price of a cryptocurrency falls.
Future prospects for Shiba Inu course
Despite these challenges, the growing number of SHIB addresses shows that interest in this cryptocurrency persists. This could bode well for SHIB’s future development, especially if interest in meme coins persists and the overall cryptocurrency market recovers.
Technical Analysis of the Shiba Inu Course (SHIB)
The current price of Shiba Inu (SHIB) is around $0.00000769, down around 3.24 percent over the past 24 hours. With a market cap of around $4.53 billion, SHIB still holds a respectable market position despite its recent decline.
Shiba Inu technical analysis reveals some interesting patterns. First, SHIB has seen increased volatility over the past few days, indicating increased trading interest. Second, despite the recent decline, SHIB still has strong support around the USD 0.00000750 level. This could be a sign that the bulls are still in control of the market and are willing to buy on lower prices.
On the downside, resistance lies around $0.00000850. If SHIB can break this resistance, it could be a sign of an uptrend continuation. However, a failure to break this resistance could lead to further selling and a possible test of the $0.00000750 support.
It is also important to note that recent on-chain data shows that a large number of SHIB holders are still in the red despite the recent price surge. This could lead to increased selling pressure if the price rises as these holders may try to cut their losses.
Final conclusion on the Shiba Inu course (SHIB)
Recent developments in Shiba Inu have been mixed. On the one hand, the recent price surge has revived interest in SHIB and technical analysis shows that the bulls are still in control of the market. On the other hand, on-chain data shows that many SHIB holders are still at a loss, which could lead to increased selling pressure.
Investors should carefully consider these factors and adjust their investment decisions accordingly. As always, it is important to do thorough research and adopt a diversified investment strategy.
