• On-chain indicators suggest that SHIB’s price hit a local bottom on 5 October.
• Demand for the altcoin, however, remains low. 

The price of leading meme coin Shiba Inu [SHIB] might be poised for a rally after hitting a local price bottom during the intraday trading session on 5 October, according to on-chain data sourced from Santiment.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Has the dog got its “woof” back?

In timing local bottoms, the Age Consumed metric has proven effective. This metric tracks the number of tokens changing addresses on a certain date, multiplied by the time since they last moved. 

Typically, when this metric witnesses a surge, it suggests that a significant amount of once-idle tokens have begun to change addresses, hinting at a sudden and strong shift in the behavior of long-term holders. 

Conversely, when the Age Consumed metric dips, long-held coins remain in wallet addresses without being traded.  

This metric is an excellent tool to track assets’ bottoms because long-term holders are not often predisposed to swift movements of their dormant coins. Therefore, whenever this happens, it results in major shifts in market conditions.

According to data fetched from Santiment, SHIB’s Age Consumed climbed to 200.78 trillion on 5 October, marking its highest daily value in the last month. The altcoin’s price closed the trading day at $0.0000071 and has since slightly increased. 

At press time, SHIB exchanged hands at $0.000007252, registering a 2% price growth since 5 October.

Weak hands
Go to Source to See Full Article
Author: Abiodun Oladokun

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