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Shiba Inu (SHIB) September Curse Puts 50% Holders at Risk Beincrypto 02 سپتامبر 2024

Shiba Inu (SHIB) September Curse Puts 50% Holders at Risk 🐶📉

Shiba Inu (SHIB) has seen its price drop by 44% over the past 90 days, raising concerns about further declines. This phenomenon is often referred to as the 'September Slump.'

On-chain metrics, such as the Network Value to Transaction (NVT) ratio, suggest that SHIB's chances of recovery are slim. Historical data indicates that September has traditionally been a weak month for the meme coin.

The NVT ratio has recently spiked for SHIB, indicating that the market cap is outpacing transaction volume, potentially signalling an overvaluation. This could lead to an unsustainable bubble and further price declines.

The Large Holders Netflow for SHIB has dropped by 163% over the past week, indicating more selling than buying by large holders. Currently, 44% of SHIB holders are at a loss, with the potential for 50% to be in the red if the trend continues.

Technically, SHIB trades below its 20-day and 50-day Exponential Moving Averages, signaling a bearish trend. The Chaikin Money Flow indicator has also entered negative territory, indicating increased distribution.

If these bearish trends persist, SHIB's price could drop to $0.000010 by the end of September. For a bullish reversal, the price would need to rise above the 20-day EMA, potentially reaching $0.000020.

منبع: beincrypto.com ↗

مقالات مشابه (37)

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