TL;DR

• SHIB is down 13% in two weeks amid negative sentiment on Telegram and declining network activity.
• However, some indicators, like increased exchange outflows, suggest a potential price rebound.

Bears in Control?

The popular meme coin has been underperforming in the last two weeks, with its price plummeting by 13% (per CoinGecko’s data). Despite recovering some value from yesterday’s local peak, it still remains in the red.

SHIB’s shaky condition coincides with four bearish indicators that suggest further pullback in the near future. The first is the declining Net Network Growth (a momentum signal that “gives a pulse of the true growth” of the token’s underlying blockchain). According to IntoTheBlock, it is down 0.19% on a daily scale.

Next on the list is the sentiment on Telegram. Data shows that over 45% of the SHIB-related messages on the application are negative, and only 5% are positive. 48% of those discussing the meme coin remain neutral. 

Shiba Inu is among the cryptocurrencies with the biggest and most devoted communities. As such, sentiment on messaging apps may impact buying and selling decisions, tipping the scales depending on the current mood. 

The third bearish factor is the plunging large t