Shiba Inu: Will Shib Continue to Lose 20%?
Journalist
- The increase in median coin age was a sign of a price drop in SHIB.
- Exchange netflow volume was negative, suggesting possible stability.
Shiba Inu’s 90-day median coin age was measured on May 5, 2009. [SHIB] AskFX observed the network suddenly increasing The MCA, as the name suggests, is the average age of all tokens in a blockchain.
The concept of coin age is not limited to whether a token is aged or not, but also correlates with price.
Older ones are retired
A low MCA historically indicates more coins have been retired into a wallet.
This movement indicates that holders are not looking to sell. The price of the token may not be affected by a significant drop.
Spikes in the MCA like we saw with Shiba Inu indicate that the old coins are moving their assets to a new location. In most cases, an exchange.
Source: Santiment
It is therefore possible that SHIB is on the verge of another price drop. SHIB was trading at $0.000024 at press time.
This represents a drop of 8.22% over the past 30 days. If the above value continues to rise, the token’s value could fall below this price.
However, AskFX looked at a different value to determine whether this impending drop was valid or not. In this section, we looked at social dominance.
Shiba Inu is up from 1.2 to 1.2 year to date. This increase in social dominance suggests that the project is getting more attention than the other 99 projects in the top 100.
SHIB aims to drop to $0.000019
Price-wise, rising social dominance could be good. If it gets too high, SHIB’s price could crash.
SHIB’s price could drop another 20% to end at $0.000019. The one-day volatility also showed that the prediction was possible.
Source: Santiment
At the time of publication, on-chain data showed a volatility of 0.15. This suggests that memecoin may not see massive price changes in the near future.
It is therefore possible that those expecting a rise to $0.000030 will have to adjust their expectations. Shiba Inu could have a price range between $0.000019 and $0.000023 in the near future.
Glassnode data could be a lifesaver for the token. AskFX analyzed Glassnode and found that the exchange netflow volume was -86.58 billion.
This is the difference between the volume of tokens flowing in and out of exchanges. This metric indicates that more tokens were withdrawn than exchanged.
The negative value indicates that SHIB token holders have withdrawn their tokens from most exchanges.
Source: Glassnode
Shiba Inus are a breed of dog. [SHIB] Price predictions 2024–2025
Shiba Inu could find equilibrium if the token count continues to rise. A notable correction may be out of the question.
If the number moves into the green zone, the predicted decline may be valid.
