Shiba Inu Token Dynamics and Market Impact
Release: 2024/05/06 04:50 Reading: 953
Shiba Inu Token Dynamics and Market Impact
On May 5th, a surge in the 90-day Mean Coin Age (MCA) in the Shiba Inu (SHIB) network was observed. MCA measures the average age of all tokens on a blockchain. Typically, a low MCA indicates token withdrawals to wallets. In the short term, this suggests investor reluctance to sell, potentially supporting the token's price.
However, sudden MCA increases, as seen with Shiba Inu, may indicate the movement of older coins. This could signal an impending price drop for SHIB. At the time of writing, SHIB trades at $0.000024, down 8.22% over 30 days. Sustained MCA growth could push the token below this level.
Shiba Inu's social dominance has risen to 1.2, indicating increased project discussions compared to other top 100 projects. While increased social dominance can be positive for price movement, excessive growth may foreshadow a price drop. If this occurs, SHIB could experience a further 20% decline to $0.000019. One-day volatility data also supports this prediction.
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SHIB Analytical Reports
Given these factors, those anticipating a rise to $0.000030 may need to reconsider. SHIB's short-term price range is likely between $0.000019 and $0.000023. However, data from Glassnode suggests potential savings for the token. Glassnode analysis reveals a negative net exchange flow volume of -86.58 billion. This indicates more SHIB withdrawals than deposits.
Continued token withdrawals could stabilize Shiba Inu and reduce the likelihood of a significant correction. However, a shift to positive net exchange flow volume could confirm the predicted price drop.
The article was originally published on COINTURK NEWS: Shiba Inu Token Dynamics and Market Impact
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