Shiba Inu: Before You Go to SHIB, Read This
The Shiba Inu has continued to follow major market downturns. Clearly, it has been unable to invalidate its bearish gains. However, the network has reached a new milestone in the past.
Investors are scratching their heads over SHIB’s latest price action. According to CoinMarketCap, SHIB was trading at $0.0000099 at press time. This figure is down over 15% over the week and is down almost 90% from its ATH of $0.000088.
Coin continues to divide views with unwavering support of the so-called Shiba army while others continue to oppose it. On-chain metrics are hinting at the extent of ‘pain’ for SHIB as it struggles to survive the crypto winter.
According to IntoTheBlock, currently only 22% of Shiba Inu holders are in profit. 74% holders are out of money while 4% are neither incurring loss nor making any profit.
In addition, SHIB has grabbed the SLV as the largest holding (in USD) in the top 100 Ethereum whales. In fact, the Shiba Inu just completed the burning of 400 trillion tokens to the relief of investors. However, the burning of the token due to market volatility had minimal impact on the price.
Dive deep into on-chain data
On the other hand, metrics are telling of SHIB’s tremendous performance. Consider this- the social dominance metric that tracks the performance of the Shiba Inu on social media channels has not posted any impressive statistics.
In fact, the performance of this metric has been erratic over the past week, with consistent extreme volatility. However, at press time, it was slowly making an effort to recover.
Volume on SHIB Network was also showing tense readings. And, it was down more than 0.5% in the last 24 hours of July 4. Well, until the broader market improves, investors should not expect any change in momentum from the Shiba Inu.