- Market data revealed a potential dip as holders looked to cash in on their gains.
As evidenced by the 90-Day Mean Coin Age, SHIB’s price might decrease to $0.000014.
As a researcher with extensive experience in cryptocurrency market analysis, I’ve closely monitored the recent developments surrounding Shiba Inu (SHIB). Market data suggests that SHIB holders are cashing in on their gains, as evidenced by an increase in asks on exchange order books and a rise in the 90-day Mean Coin Age (MCA).
Over the past week, SHIB‘s value has risen by 12.77%. Currently, some investors who held onto the token during this price surge appear to be cashing out their gains.
After closely scrutinizing the order books on various exchanges, AMBCrypto discovered an intriguing imbalance. The Bid-Ask Spread analysis revealed that a greater number of sell orders (asks) existed compared to buy orders (bids).
SHIB holders ready to take profits
In the cryptocurrency market, “ask” signifies a seller’s willingness to dispose of a certain amount of crypto at a specified price. Conversely, “bid” represents a buyer’s intent to purchase a specific quantity of crypto at a given price. If more sellers are looking to offload their assets than buyers are willing to buy, the price will decrease due to an oversupply in the ask market. In contrast, if the bid market outpaces the ask side, the demand for crypto exceeds its supply, leading to an increase in prices.
With investors more inclined to offload their Shiba Inu holdings, the cryptocurrency’s price faced the risk of declining, even after hitting a new high of $0.000016.
As a researcher studying the cryptocurrency market, I’ve discovered another important metric that sheds light on SHIB‘s potential to continue its uptrend: Mean Coin Age (MCA). The term “Mean Coin Age” refers to the average age of all tokens existing on the blockchain.
As a crypto investor, I would explain it like this: With the passing of time and the increase in coin age, we often observe coins being transferred from one wallet to another. Typically, this indicates that holders are considering selling their assets.
In contrast, a reduction in the MCA indicates that investors are holding onto their assets rather than selling them, suggesting a preference for buying more.
As of now, the minimum withdrawal amount on the Shiba Inu network has increased from 33.60 to 35.10 over the past three days.
As a crypto investor holding a memecoin, I noticed an uptick in activity. It seemed that other investors were transferring their coins to different wallets and increasing their transactions. This suggested a heightened level of engagement within the memecoin community.
Traction on the network drops, but there is more
Should the current trend persist, the value of SHIB might plummet down to $0.000014. Additionally, its network growth has experienced a decline as well.
The expansion of the Network indicates an influx of fresh addresses engaging in their initial transactions on the blockchain, suggesting growing popularity and momentum for the network.
A decrease indicates a low adoption rate for Shiba Inu, which could potentially influence its price as well.
Over the past month, SHIB‘s MVRV ratio has been on an upward trend. This ratio signifies the average profit or loss of coins being held, indicating that more Shiba Inu token holders have been making profits recently.
On the contrary, a decrease signifies missed opportunities for gains. Lately, there has been a surge in this metric, suggesting that the price rise of SHIB has brought more investors into profitable positions.
For the short term, this increase could be detrimental to the token’s price.
Based on my analysis, the reading remains pessimistic regarding SHIB‘s value. Given this situation, there is potential for the token’s price to rise significantly in the near to medium term.
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2024-07-12 08:07