Shiba Inu’s active addresses, transaction volume have been hinting at…
As the crypto market gets ravaged by a wildfire set by the bears, some tokens have taken to recording new lows. One of those cryptocurrencies is Shiba Inu’s SHIB token.
As the general crypto market fell on 13 June, the SHIB token touched a price index that has now caused the token to trade at levels last seen in early October 2021. At the time of writing, the price of the token was pegged at $0.000008268 per SHIB token. What else did we see in the last 24 hours?
The ailing Shiba Inu dog
Trading at $0.000008321 at the time of press, the SHIB token added another zero to its price. During the early hours of 14 June, the token touched a low of $0.0000075. Although poised to be recovering after marking a 2% uptick in price at press time, investors should not rejoice yet. With a 51% growth in trading volume in the last 24 hours, the distribution might just be more than accumulation. At the price the token sold for at press time, it was 90% away from its all-time high of $0.00008845 recorded in October 2021.
Hit by the bloodbath that plagued the cryptocurrency market in April, a price chart analysis revealed that the token has taken on a downward spiral since the middle of April. With price mostly indicated by red candle sticks, the Relative Strength Index (RSI) has since been housed beneath the 50 neutral region. At press time, it was spotted at 27. This showed that the SHIB token is on its way to being deeply oversold.
A look at the position of the MACD raised some concerns. With the MACD line poised to intersect the trend line in a downward trend, the bear season might be far from over for the SHIB token.
Before you write off the ailing dog…
On-chain analysis showed that even in the face of dwindling price performance, the token recorded some growth on 13 June.
For one, in the face of the market madness, the index for the number of addresses transacting the SHIB token registered a 25% spike on 13 June at 4,853 addresses from the 3,609 recorded a day before.
Also recording some growth on 13 June was the transaction volume of the token. At a high of 13.49 trillion recorded in transaction volume, a 62% uptick was recorded as of 13 June. At the time of writing, the transaction volume had marked a spot at 6.11 trillion.
The token might be poised for a spike in price as the exchange flow balance registered a positive 325.3 billion. This means that a significant amount of SHIB tokens are being sent to exchanges than are taken out of them.
The bigger whales appeared to be gearing up for the bull run as transactions count for transactions above $1 million registered a high of 16 at press time.