Briefly –
- SHIB remains locked beneath the 50-day SMA as the coin received plunging pressure.
- Shiba Inu sees faded fundamentals as the announcement by eToro failed to trigger much interest.
- Daily active addresses keep plunging as the 7-day MA tags the early May areas.
Shiba Inu (SHIB) saw declining trends confined in a descending channel since the crypto crash in May. The asset has struggled over the past months, offering limited opportunities from lower possibility setups or patterns.
The recent weak performance indicates a credible deviation from the early May lucrative events that had SHIB climbing by over 2000% from 7 May to 10 May.
For now, SHIB’s dull chart outlook coupled with decreasing fundamentals and market bearishness on on-chain metrics support the possibility of a massive fall.
SHIB’s Declining Fundamentals and Interest
SHIB gained 2% only following the news about the eToro listing. The unfriendly response by crypto investors shows the decreasing interest in the digital coin.
For now, the multi-weekly hostile performance shook the bullish narrative and broke the essential FOMO that sent Shiba Inu to its highs in May and April.
Also, the decline in ShibaSwap DEX TVL from $1.76 billion highs on 14 July to $389.34 million today, Tuesday, affirms the weakening interest in the meme coin.
Keep in mind that the total value locked has plunged by 77% in less than one month.
That might translate to embarrassing events as ShibaSwap DEX hit around $1.50 billion in TVL in July in about 48 hours after launch.
Remember, the flight by investors to invest in ShibaSwap saw ETH’s gas fees skyrocketing. Also, the dropped social media volume shows SHIB’s limited interest.
SHIB On-Chain Metric
The recent data by Santiment indicated that SHIB’s daily active addresses continue to plunge from the spikes in early July during the ShibaSwap launch.
The extended losses sent the 7-d MA to its lowest point since the early weeks of May. That way, the daily token’s speculation or crowd interaction erased the early May surges that Shiba Inu registered.
The current mood in the Shiba Inu network indicates that SHIB might see drastic declines in the coming sessions. The meme coin is at risk of losing around 45% of its value.
Feel free to share this article.
All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.