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Shiba Inu, the meme cryptocurrency, faces potential market challenges as five critical metrics indicate a downturn, posing risks for investors.
Shiba Inu's Declining Metrics Signal Potential Challenges Ahead for Investors
According to U.Today, Shiba Inu is a cryptocurrency that recently gained popularity due to its rapid market growth. However, some essential signals are currently red, which may indicate that the price of SHIB will reverse downward. Keep in mind that various on-chain metrics can change at any time. All of the metrics mentioned in this article were valid at the time of writing.
First, "Net Network Growth" fell by 0.52%. This number indicates whether more people are joining SHIB or leaving. Fewer people are currently interested, and the network primarily sees outflows.
Second, there is the "In the Money" figure, which is currently -0.64%. The metric speaks for itself: investors are losing money on SHIB, making it less appealing as a long-term investment.
The "Concentration" metric is also down by 0.11 percent. This suggests that SHIB is no longer as concentrated in the hands of a small number of large holders (known as whales). Changes in the whales' control can impact SHIB's price because they wield significant market power.
Another crucial red flag is the "Large Transactions" metric, which has dropped by 11.69%. Large transactions frequently represent the activity of whales, and a drop may indicate that the interest of these significant players is waning.
The fifth metric is the imbalance between buy and sell orders, with sell orders accounting for a larger market share. This overextension of sales orders can exert downward pressure on SHIB's price, leading to a bearish outlook.
SHIB is currently trading around $0.00002773. The support level to watch is near the blue line (50 EMA), which is around $0.00002256 and could act as a safety net if prices fall. The next resistance level is the $0.00003 mark, a psychological barrier for asset holders.
Elon Musk's X Sees Surge in Traffic as Crypto Community Calls for Integration
The cryptocurrency community has tried to persuade Elon Musk to integrate cryptocurrency into the X social media giant app.
Elon Musk, a tech billionaire, CEO of Tesla, and owner of the X platform (formerly known as Twitter), has addressed his multi-million-person audience on X to reveal that the one critical metric on this app has soared to an all-time high not seen since Twitter's inception.
The cryptocurrency community began to nudge him, claiming that it was past time to integrate crypto into X.
Musk has proudly announced that his recent brainchild (converted from Twitter to X on its way to becoming the "everything app") has achieved a new all-time high in organic traffic. This metric shows the highest peak in the last 12 years, with a significant gap from the previous historic peak.
According to Musk, organic traffic on X has reached a massive 3.3 billion, up from 834.2 million after January 2022, when the platform was still known as Twitter and focused on microblogging. The screenshot shows a significant increase in organic traffic beginning around 2023 when it transitioned to Elon Musk's management following a $44 billion takeover.
Photo: Microsoft Bing
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