Shiba

Momentum

Shiba Inu

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/challenges-remain-for-shiba-inu-despite-efforts-to-regain-uptrend/" data-wpel-link="internal">Challenges Remain for Shiba Inu Despite Efforts to Regain Uptrend</a><br></p>
<p style="text-align: justify">The leading meme token’s on-chain metrics, <strong><a href="https://en.coin-turk.com/shibarium-the-growing-layer-2-solution-for-shiba-inu-shib/" data-wpel-link="internal">Shiba</a> Inu (SHIB)</strong>, could indicate that there are still headwinds to be considered despite the cryptocurrency’s attempts to regain an uptrend.</p> 
<h2 id="shib-analytic-reports">SHIB Analytic Reports</h2> 
<p style="text-align: justify">Data from the crypto analytics platform IntoTheBlock determined the meme token’s address profitability at 24.37%, with a total of 323,540 addresses currently in the cryptocurrency. When focusing on the less profitable 928,370 addresses, or 69.93%, the data could become concerning. According to on-chain data, a total of 347,430 addresses purchased 240.59 trillion SHIB at $0.000011. This price mark has created a significant resistance point because these addresses could move to liquidate <strong>SHIB</strong> as the meme token approaches this level.</p> 
<p style="text-align: justify">Shiba Inu may have faced tremendous selling pressure since the beginning of the year as the <strong>token</strong> has gained and lost a zero in its price multiple times. This situation demonstrates the endless struggle between market bulls and bears. At the time of writing, Shiba Inu is trading at $0.000008955, up 4.55% in the last 24 hours, showing its first uptrend in more than a week.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-306871 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/SHIB-3.webp" alt="" width="1200" height="800"></p> 
<h2 id="uptrend-momentum-for-shib">Uptrend Momentum for SHIB</h2> 
<p style="text-align: justify">Despite the mentioned upward trend, Shiba Inu’s price has not yet regained the $0.000009 price level, which could indicate that a further downward trend continues in the market. <strong>Shiba Inu’s</strong> recovery journey could be better in the new period as the cryptocurrency’s metrics have not improved.</p> 
<p style="text-align: justify">For example, the Shiba Inu burn rate dropped by more than 94%, and only a few million tokens were sent to unused wallets overnight. Data from IntoTheBlock also revealed a decline in whale transaction volume and daily active addresses, which increased doubts about the <strong>token’s</strong> potential to overcome the resistance wall it faces.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/challenges-remain-for-shiba-inu-despite-efforts-to-regain-uptrend/" data-wpel-link="internal">Challenges Remain for Shiba Inu Despite Efforts to Regain Uptrend</a></h5>

Challenges Remain for Shiba Inu Despite Efforts to Regain Uptrend

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