- A spike in the Mean Coin Age indicated a further price decrease for SHIB.
The Exchange Netflow Volume was negative, suggesting possible stability.
As a seasoned crypto investor with a keen interest in on-chain data, I’ve been keeping a close eye on the recent developments surrounding Shiba Inu (SHIB). The sudden spike in the 90-day Mean Coin Age (MCA) on the SHIB network caught my attention, as it often indicates that older coins are moving out of wallets and into exchanges.
I noticed an unexpected surge in the 90-day Mean Coin Age (MCA) of Shiba Inu [SHIB] cryptocurrency network on May 5th. The term “Mean Coin Age” refers to the average age of all coins or tokens existing within a specific blockchain.
As an analyst, I would rephrase that as follows: The coin age metric isn’t just about determining whether a token is old or new; it also influences its price.
The seniors are letting go
Historically, a low MCA implies that more coins are being retired to a wallet.
“Initially, this trend indicates that investors are reluctant to part with their tokens. Consequently, it’s unlikely that the token’s value will experience a significant drop.”
From my perspective as an analyst, a surge in MCA (Miners’ Consumption Algorithm) values, similar to what occurred with Shiba Inu, often indicates that older cryptocurrencies are moving their assets to new destinations. In the majority of instances, this means transferring funds to exchanges.
Based on current market conditions, SHIB‘s price might be about to drop further. The coin was valued at $0.000024 at the time of reporting.
Over the past thirty days, there has been a decrease of 8.22% in this metric. Should this metric keep climbing, the price of the token could potentially fall beneath this level.
Instead of “AMBCrypto looked at another metric to assess if the imminent decline could be valid or otherwise,” you could say “To further evaluate the potential decline, AMBCrypto examined the social dominance metric.”
From my perspective as a researcher, the current social standing of Shiba Inu has reached a level of 1.2 within the top 100 projects. This upward trend implies an uptick in conversations surrounding this particular project relative to the other ninety-nine.
SHIB eyes a move to $0.000019
With respect to the price trend, an increase in social influence may prove beneficial. Nevertheless, if this surge becomes excessive, the Shib token’s price could experience discomfort, potentially leading to a sharp decline.
Should the situation remain unchanged, there’s a strong likelihood that SHIB may experience a further drop of approximately 20%, potentially reaching a price of $0.000019. The significant price fluctuations observed within a single day provide evidence supporting this possibility.
As I delve into the latest cryptocurrency market analysis, the on-chain statistics indicate a substantial decrease in volatility, with a reading of approximately 0.15 at present. Given this observation, it seems plausible that the memecoin’s price may remain relatively stable for the near future.
If you’re hoping for Shiba Inu to reach $0.000030 soon, you might want to reconsider your expectation based on current market trends. The cryptocurrency’s price is more likely to fluctuate between $0.000019 and $0.000023 in the near term.
During this period, the token could potentially be rescued by new information coming from Glassnode. As reported by AMBCrypto’s assessment of Glassnode, the exchange outflow volume amounted to a substantial -86.58 billion.
The gap between the amount of tokens entering and leaving exchanges represents this metric. A positive value signifies that a greater quantity of tokens entered the exchanges compared to those taken out.
Thus, the negative reading implies that more SHIB holders took their tokens out of most exchanges.
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
As a researcher studying the trends of Shiba Inu’s token withdrawals, I have observed that a consistent increase in this number may lead us to reach an equilibrium point. If we continue down this path, it is plausible that any significant correction could be postponed or even avoided.
However, if the number changes to the green zone, the projected decline might be validated.
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2024-05-05 17:11