- The percentage of SHIB wallets in profit has plummeted to 47%, marking the lowest level in three months. Who’s buying the dip now?
- The MVRV ratio also indicates that traders are staring at less-than-glamorous, reduced unrealized profits. Hope you’re not holding your breath for a miracle!
Shiba Inu [SHIB], that adorable little coin, is sitting at $0.0000186—up by a spectacular 0.9% in the last 24 hours. But don’t get too excited. It’s down almost 7% in the last week. Truly a rollercoaster, but without the fun part.
What’s dragging SHIB down, you ask? Oh, just the fact that fewer wallets are turning a profit, and investors seem to have misplaced their optimism somewhere between “meme coin” and “dipping value.”
Wallets in Profit Hit a 3-Month Low: The SHIB Party is Officially Over (For Now)
The number of wallets with profits? 676,500. That’s the lowest in three months, which should give you plenty of time to rethink your life choices. At the moment, only 47% of SHIB holders are making a profit, and a whole 49% are crying into their crypto wallets. How reassuring.
Historically, SHIB’s price rallies when profitable wallets rise. But if more traders find themselves in the red, don’t be surprised if SHIB takes a little detour downwards. Buckle up, it might get bumpy.
And let’s not forget, some traders might just sell to limit their losses, piling on more selling pressure and sending SHIB into an even deeper dip. Isn’t this fun?
Is a Declining MVRV Good for Price? Spoiler: Not Really
The Market Value to Realized Value (MVRV) ratio has fallen to 0.907—its lowest since early November 2024. In plain English: SHIB holders are making fewer gains and wondering where all the excitement went. Oh well, no one ever said meme coins were stable.
A low MVRV might lower selling pressure because, well, who’s going to sell when they’re barely getting anything in return? But let’s be real, without strong demand from buyers, the whole thing could just crash like a badly timed TikTok trend.
SHIB Price Analysis: Spoiler Alert, It’s Not Pretty
Looking at SHIB’s daily chart, selling pressure is definitely outpacing the buying side. The Relative Strength Index (RSI) dropped to 36, signaling a lovely, bearish momentum. If you’re holding SHIB, you probably feel it. Or at least you should.
Right now, the RSI is showing a slight upward tick. If it crosses the signal line, it might give buying momentum a bit of a nudge. But don’t hold your breath. This market doesn’t exactly scream stability.
Meanwhile, the Average Directional Index (ADX) is still climbing, indicating that the downtrend is far from over. So, if you’re hoping for a reversal, I wouldn’t bet the farm on it just yet. Patience isn’t exactly crypto’s strong suit.
If SHIB manages to break through resistance at $0.0000189 (a true miracle), the next target could be $0.0000212. But again, who knows? This could be a pipe dream or a golden opportunity.
Realistic or not, here’s SHIB market cap in BTC’s terms. Grab your popcorn; it’s about to get weird.
Open Interest Rises Again: Speculators Rejoice!
According to data from Coinglass, SHIB’s Open Interest (OI) took a bit of a dive to $351 million, but now it’s bounced back to $348 million after a 5% rise in the last 24 hours. Because who wouldn’t want to jump into a volatile market with both feet?
If this trend continues, we might see more speculative interest driving the price up. But with all that volatility, you’d have to be truly daring—or somewhat insane—to think it’s a stable uptrend.
Long positions are currently the flavor of the month, thanks to positive funding rates. If that keeps up, maybe we’ll see a bit of optimism. Or maybe not. Who knows? Stay tuned.
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2025-01-30 15:08