Top meme coin Shiba Inu (SHIB) has failed to capitalize on the recent upswing in the meme coin market. While other meme-based assets rallied amid the broader market’s upward momentum, SHIB has largely trended sideways, displaying a lackluster performance.
With investor enthusiasm cooling marketwide and on-chain indicators flashing red, the token appears increasingly vulnerable to new lows in the coming sessions.
Sponsored
SHIB Flatlines as Investors Lose Conviction
SHIB has traded flat over the past week, defying the broader market rally. Readings from its one-day chart show that the meme token has struggled to establish momentum in any clear direction.
Currently, it hovers within a narrow range, facing resistance at $0.00001301, while finding support at $0.00001155.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
On-chain data from Glassnode confirms the growing skepticism among investors. According to the analytics platform, SHIB’s Holder Retention Rate has steadily declined over the past week and now sits at a 53-day low of 96.16%.
Sponsored
The Holder Retention Rate tracks the percentage of addresses that maintain a balance of SHIB across consecutive 30-day periods. It shows how many investors continue to hold onto their coins month after month.
When this metric falls, it signals a weakening belief in future price appreciation. For SHIB, this means many traders are los
Go to Source to See Full Article
Author: Abiodun Oladokun
