Shiba Inu price crashed 8% since hovering near $0.000012 on April 16. The recent crypto industry-wide correction appears to spread across the Shiba Inu ecosystem. Can the demand zone at $0.000010 stop the bears?
Shib Inu (SHIB) could soon experience an impending downswing. On-chain data suggests that SHIB holders are gearing up for more sell action in the coming days.
SHIB Holders Are Approaching Critical Profit-Taking Territory
The 30-day Market Value to Realized Value (MVRV) ratio for SHIB, which evaluates holders’ short-term profit or loss, is currently nearing a potential sell-zone. With most holders sitting on 6.87% profits, the MVRV ratio is approaching a high-risk territory.
Looking back at February 15, the 7% profit zone has previously culminated in a local top formation for SHIB. If the pattern repeats, crypto investors can expect SHIB price to decline in the coming days.
Similarly, the slowdown in the new-user acquisition rate on the Shiba Inu Network is another major cause of bearish concerns.
According to the data provided by Santiment, there has been a 41% decline in the Shiba Inu Network Growth since the beginning of March. From 2,473 addresses recorded on March 1, the number of new wallets has declined to 1,473 as of April 19.
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Author: Ibrahim Ajibade
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