- SHIB’s long term returns for retailers have declined to -31.7.
Shiba Inu was the worst performing memecoin in 2024.
As a seasoned researcher with years of experience in the cryptosphere, I must say that the current state of Shiba Inu (SHIB) is reminiscent of a rollercoaster ride without the thrill. The sustained decline and dwindling trading volume are signs that even the most ardent SHIB believers are starting to feel the heat.
Currently, Shiba Inu [SHIB], one of the biggest meme tokens in terms of market value, has been on a downward trend for about a month now. At present, each SHIB token is being traded at approximately $0.00001325. This represents a decrease of 1.62% compared to its trading price from the previous day.
Similarly, during this timeframe, there’s been a decrease in trading activity for meme coins. Specifically, Shiba Inu’s (SHIB) trading volume has dropped by about 20%, amounting to approximately $136.4 million over the past day.
Previously, Shiba Inu (SHIB) saw minimal growth over the last week, increasing by approximately 0.77%, but on a monthly scale, it has declined by 2.50%. Consequently, SHIB appears to be heading in a generally decreasing direction.
Under these market circumstances, there are doubts about the potential future outlook for the memecoin. Moreover, according to Santiment’s evaluation, Shiba Inu (SHIB) has experienced the poorest average trading returns over the past month.
What prevailing sentiment says
2024 data from Santiment indicates that Shiba Inu (SHIB) has been the least successful memecoin this year, with analysts reporting a 30-day average trading return of -1.1% and long-term returns plummeting by -31.7%.
Furthermore, the level of conversation on social platforms has dropped significantly over the past year, reaching its lowest point in July. This downward trend appears to reflect growing dissatisfaction and apathy among traders, particularly small retail traders who are closing their positions.
Additionally, it’s worth noting that retail investors holding fewer than one billion Shiba Inu (SHIB) have been closing their positions at record lows, a trend reminiscent of 2022. This market activity suggests an increase in fear, uncertainty, and doubt (FUD), as only a small fraction of wallets (approximately 1 billion) currently hold the majority of SHIB.
According to our findings, Shiba Inu (SHIB) has not performed as well over the past year, but its current situation suggests it could bounce back once the crypto market becomes more stable.
What SHIB charts suggest
According to Santiment’s analysis, Shiba Inu (SHIB) has seen a continuous drop in the number of retail investors and its profitability level.
The decline in the number of transactions, from 11,830 to 6,430, reinforces this occurrence. This decrease suggests a decrease in demand since fewer users appear to be utilizing the network, which may signal potential caution for the memecoin.
Also, these reflect lower trading activity as shown by a 20% decline over the past 24 hours.
Moreover, it’s worth noting that the distribution of SHIB ownership reveals that retail traders control approximately 26.65%, investors account for 13.4%, while whales own about 59.95%. This pattern suggests that when smaller, everyday traders hold less, it may indicate a decreased level of confidence among this group.
It seems clear from this context that such circumstances indicate that small-scale investors have liquidated their investments, primarily due to fear, uncertainty, and doubt (FUD), and lack faith in the market’s future prospects. This suggests a bearish outlook on the market, as these smaller investors are choosing to withdraw, anticipating continued downward trends.
As a researcher observing the current market trends, it’s evident that SHIB is facing significant negative sentiment, causing retail traders to exit the market. If this market trend persists, the meme-coin could potentially drop to a critical support level approximately at $0.00001263.
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2024-09-11 16:40