There is an increase in the overall cryptocurrency market. However, Shiba Inu (SHIB) price seems to have hit a roadblock, hovering around $0.000007. This article discusses the factors contributing to SHIB’s stagnant performance. Additionally, this meme explores what the future may hold for the coin. Let’s look at the details
A shift in investor focus for the Shiba Inu
Surprisingly, the Shiba Inu SHIB has a price stagnation. It is in line with the lackluster performance of other leading memecoins such as Dogecoin (DOGE), PEPE, and BoneShibaSwap (BONE). Investors are likely to turn their attention to emerging sectors such as Real World Assets (RWA) and Telegram Bot tokens. How this change will affect the price of SHIB in the coming weeks remains an important question.
One of the reasons behind the Shiba Inu SHIB’s recent price woes is the decline in demand for netting. Data from Santiment reveals that SHIB has faced difficulties attracting new users since reaching its 2023 price peak of $0.000011 on August 12. In stark contrast, only 1,109 new SHIB wallet addresses were created on September 17. Accordingly, this indicates a significant decrease of 66% from the 3,269 addresses recorded on August 12.
Existing participants are realizing profits
There is another worrying trend. Long-term Shiba Inu owners realize intermittent profits. This leads to a significant increase in “Age Consumed”, a metric that tracks the trading activity of long-term token holders. There are spikes in Age Consumed seen on September 4th and 11th. It corresponds to historically significant SHIB price retracements.
The situation is also interesting considering current network market demand levels. SHIB’s price will struggle to break out in the near future. However, breaking below the $0.000007 support level will be challenging for the bears. It is noteworthy that many wallet addresses (22,650 million to be exact) have purchased 11.7 trillion Shiba Inu tokens at this level. Accordingly, this indicates a potential reluctance to sell.
If the bears manage to break the support
As Kriptokoin.com, if the bears manage to overcome this support, Shiba Inu will come back towards the $ 0.000006 range. Conversely, if SHIB’s network demand shows growth, it will gain momentum to challenge the $0.000010 resistance level.
In summary, the stagnant price of the Shiba Inu SHIB is notable. It is also a result of declining network demand and profit realization by long-term owners. It is unclear whether SHIB will survive this consolidation. It is also a matter of curiosity whether it will take upward or downward steps. This will largely depend on market sentiment and investor behavior in the coming weeks.
