3 Worrying Signs for Shiba Inu (SHIB) as Price Enters Red Territory: Details

Headline: Shiba Inu's Price Drop Signals Bearish Outlook

Subheadline: Key metrics indicate further decline in SHIB's value.

Body:

Shiba Inu (SHIB) experienced a brief surge last week, reaching $0.00001407 on September 14. However, the rally was short-lived, and the cryptocurrency's value has subsequently plunged to $0.0000133.

Several on-chain metrics suggest that the bearish trend may continue. Net Network Growth, a measure of network momentum, has decreased by 0.19% daily. Large transaction volume, representing transactions over $100,000, has plummeted by 76%.

Moreover, the Shiba Inu burning rate has collapsed by 96% in the last 24 hours, sending only 227,000 tokens to a null address. This mechanism aims to reduce the circulating supply of SHIB, potentially increasing its value. Over 410 trillion tokens have been destroyed since the program began, leaving approximately 583 trillion in circulation.

Shiba Inu's investment performance also indicates pessimism. IntoTheBlock data shows that 52% of holders are currently experiencing paper losses, compared to 63% who were in profit during the March bull run.

In contrast, Dogecoin (DOGE) and Pepe (PEPE) holders are faring better. 72% of DOGE holders are currently in profit, while 49% of PEPE holders are making gains.

These bearish indicators suggest that SHIB investors may face further challenges in the near future.