Shiba Inu (SHIB) Sees Drop in Network Usage Amid Unusual Spike
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Shiba Inu (SHIB), ranked 12th in the cryptocurrency market, is facing a concerning drop in network activity. Recent data reveals declines in active, zero-balance, and new addresses on its network, indicating reduced user engagement.
A notable increase in SHIB's Network Value to Transaction (NVT) ratio suggests the network is overvalued, potentially hindering efficient transaction processing. This spike is typically viewed as a bearish sign, pointing to declining traction and demand.
The token's price has fallen from $0.000020 to $0.000015 recently, and technical indicators like the Awesome Oscillator (AO) show negative momentum. If this trend continues, SHIB's price may drop further, potentially to $0.000012.
However, a diverging Money Flow Index (MFI) suggests some market participants are buying the dip. If this trend persists, SHIB's price may recover and attempt to revisit $0.000019 in the coming days.
Source: beincrypto.com ↗
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