Shiba Inu

Shiba Inu (SHIB), a meme token that gained widespread attention during the previous bullish season, is facing a potential sales pressure as long-term investors are likely to consider selling their holdings. According to data from IntoTheBlock, there are specific price levels that have proven to be the most costly for investors. These levels, marked on the chart below, suggest that selling pressure may intensify in these areas. Source: IntoTheBlock 
The data analysis indicates that a significant number of investors have been holding <a href="https://news.todayq.com/vitalik-buterin-continues-his-donations-streak-by-burning-6-7b-of-shiba/">Shiba Inu</a> since the previous bullish season. As the token experienced notable price increases during that period, these investors may now be considering profit-taking or reassessing their positions. The identified costly levels are likely to be psychologically significant for these long-term investors, triggering potential selling pressure. 
However, amidst these potential concerns, there is also positive news for the Shiba Inu community. The number of active addresses associated with the token has witnessed a remarkable increase in the second quarter of the year. According to recent data, the number of active addresses surged by an impressive 357% as of May 21, reaching over 4,000 by June 27. Source: IntoTheBlock 
The surge in active addresses is a positive sign for Shiba Inu and demonstrates a growing interest and engagement within the community. It suggests that despite the potential selling pressure from long-term investors, there is still a substantial number of individuals actively participating in the token’s ecosystem. 
It is important to note that Shiba Inu is categorized as a meme token, which means it is primarily driven by its community and online presence. While meme tokens can capture the imagination of investors and gain significant attention, they also come with inherent risks. These risks include a lack of fundamental value, heightened volatility, and the potential for manipulation. 
Investors considering meme tokens like Shiba Inu should exercise caution and thoroughly research the project before making any investment decisions. Conducting thorough due diligence, including understanding the token’s underlying technology, team, and roadmap, is crucial to navigate the risks associated with meme tokens effectively. 
As the Shiba Inu community continues to grow and the number of active addresses expands, it will be interesting to observe how the market dynamics unfold. The potential sales pressure from long-term investors may exert short-term downward pressure on the token’s price, but the increasing engagement from new participants could offer support in the long run. 
© Todayq News

Shiba Inu investors face potential sales pressure even as meme token shows growth in active addresses

Todayq News

2023년 7월 5일에 게재된 다른 기사

TON Foundation Introduces On-Chain Encrypted Messaging Feature

Bitcoin (BTC) en juillet : Explosion imminente avec une configuration similaire à 2020 !

Danish banking giant ordered to cease its Crypto trading activities

What will happen to Bitcoin in July

Altcoin Listed on Binance Finds Listing on Google Hotels, Price Soaring!

Reality TV Star Phaedra Parks Encourages Her Sons’ Cryptocurrency Investments: Kids and Crypto

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!