Skyrocketing SHIB Supply: A Billion Shiba Inu Tokens Minted in a Single Day - No Apparent Usage Traced
Shiba Inu's On-Chain Stagnation: Here's the Scoop
Listen up, folks! The Shiba Inu doggone cryptocurrency, once all the buzz, is showing signs of sluggish on-chain movement. In the past 24 hours, only a single trillion SHIB has moved in significant transactions, down from a seven-day high of 2.6 trillion.
That ain't all, partner. May 1 saw a low of 383 billion SHIB, which ain't good news for the canine currency's prospects. With huge institutional and whale investors being crucial for the upward trend of meme-based assets like SHIB, this decline is cause for concern. As for the price chart, SHIB attempted a bounce above the 50 EMA (~$0.00001450), but stalled right before it.
The market's indecisive as heck. At around $0.00001294, there ain't no clear decisive direction, and the Relative Strength Index (RSI) is circling the neutral 50 mark. Unless some big buying pressure or network activity hits, Shiba Inu's liable to keep drifting downward. The biggest issue is the on-chain metrics: 83% of SHIB holders are currently out of the money, which means they bought their tokens more expensively than they're worth now, according to IntoTheBlock data. Only 12% and 94% of SHIB holders are currently in the green.
Imagine if the price rises again, the underwater holders could sell in a panic, adding even more pressure on SHIB. So, brace yourself, partner. Shiba Inu's goin' through a rough patch, and there ain't much to excite institutional investors yet.
Shibara Inu's Future: What the Experts Say
According to the experts, Shiba Inu's on-chain stagnation and low transaction volumes suggest a consolidation phase with limited near-term volatility but potential for a breakout. Three factors could impact SHIB’s price trajectory:
- Token Burn Rates and Whale Selling: If continuous token burns reduce supply and large holders hold back on selling, SHIB could experience price appreciation.
- Shibarium L3 Adoption: The success of Shiba Inu’s scalability solution, Shibarium, especially its third iteration (L3), could boost utility and demand.
- Altcoin Sentiment: If the broader crypto market rotates into altcoins as Bitcoin's dominance lessens, SHIB may gain momentum.
Positive developments like ShibaSwap (a decentralized exchange) and Shibarium have expanded Shiba Inu's utility beyond its meme coin roots, making it more than just a speculative investment.
Long-term expert sentiment remains optimistic, with projections for SHIB to close 2025 near $0.00004, representing an upside of over 80% from early 2025 levels and over 200% from current prices. Some experts are even more bullish, predicting prices between $0.00005 and $0.000074 by the end of 2025. However, some caution persists, with potential risks like fading memecoin trends and competition from other cryptocurrencies like Dogecoin. Also, targets of $1 remain highly speculative, as realistic token supply and demand fundamentals are yet to support such levels.
So while the Shiba Inu meme coin may be struggling at the moment, the growing ecosystem, ecosystem developments, and optimistic expert forecasts offer a glimmer of hope for the future!
- Institutional investors, including 'whales', might find an opportunity in the current 'crypto exchange' market with Shiba Inu's slow on-chain movement, as they play a crucial role in the upward trend of meme-based assets like SHIB.
- The experts suggest that 'investing' in Shiba Inu could see a potential breakout if factors like 'token burn rates' reduce the supply, large holders withhold selling, and 'Shibarium L3' adoption boosts the utility and demand of the cryptocurrency.
- 'Finance' analysts remain optimistic about Shiba Inu's long-term future, with projections for SHIB to close 2025 near $0.00004, representing significant growth from current prices and offering a glimmer of hope for the cryptocurrency's investors. However, competition from other cryptocurrencies like Dogecoin and potential fading memecoin trends pose risks that investors should consider.
