{"id":545990,"date":"2023-08-07T15:00:02","date_gmt":"2023-08-07T15:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=545990"},"modified":"2024-06-11T07:50:06","modified_gmt":"2024-06-11T07:50:06","slug":"shiba-inu-sees-10-pullback-why-rally-still-continue","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-sees-10-pullback-why-rally-still-continue\/","title":{"rendered":"Shiba Inu Sees 10% Pullback, But Here’s Why Rally Can Still Continue"},"content":{"rendered":"

Shiba Inu has gone down 10% since hitting a local top two days ago. But here are some metrics that suggest the rally could still continue.<\/p>\n

Shiba Inu On-Chain Metrics Have Seen Positive Developments Recently<\/h2>\n

Shiba Inu had been stuck in a perpetual sideways trend during most of July, but the meme coin’s fate switched in the first few days of this month as its price showed some strong upwards momentum.<\/p>\n

In this rally, the asset had managed to breach the $0.00001000 level, meaning that it had risen almost 30% in a matter of days. The coin, however, couldn’t keep this rise up and soon hit a local top, and since then, SHIB has been moving down.<\/p>\n

The below chart shows how Shiba Inu has performed during the past month:<\/p>\n

\"Shiba<\/p>\n

Looks like the value of the asset has shot up in recent days | Source: SHIBUSD on TradingView<\/a><\/pre>\n
As you can see in the graph, while SHIB has seen a notable 10% drawdown since the top around two days back, the full gains of the rally haven’t been wiped out just yet.<\/p>\n
Shiba Inu is still around 9% up during the past week, which makes it by far the best-performing coin among the top assets by market cap, as most of the sector has in fact gone into the red in this period. Investors of SHIB’s eternal rival, Dogecoin<\/a>, for instance, are 5% underwater in the past seven days.<\/p>\n
When looking at only the last 24 hours, though, the meme coin is the worst-performing top coin, as it has registered losses of around 5%. So it’s possible that Shiba Inu has already lost its steam and the asset would gradually keep declining until all the profits of the rally are retraced.<\/p>\n
Related Reading: Will Bitcoin Rebound Anytime Soon? Here\u2019s What On-Chain Data Says<\/a><\/div>\n
Data from the on-chain analytics firm Santiment<\/a>, however, might provide a glimmer of hope to the meme coin’s holders, as some positive developments seem to have occured in the coin’s underlying metrics.<\/p>\n
\"Shiba<\/p>\n
The data for the SHIB trading volume and exchange supply | Source: Santiment on X<\/a><\/pre>\n
There are two indicators of interest here: the “trading volume<\/a>” and the “supply on exchanges<\/a>.” The former of these is the measure of the total amount of SHIB that investors are transacting on the blockchain right now, while the latter keeps track of the total number of coins sitting in the wallets of all centralized exchanges.<\/p>\n
From the chart, it’s visible that the trading volume has shot up for the asset recently. This is a sign that there is a high amount of interest around Shiba Inu right now, which could potentially help fuel more price surges.<\/p>\n
Related Reading: Bitcoin NVT Shows Bearish Crossover, Price Drop Incoming?<\/a><\/div>\n
The supply of exchanges, on the other hand, has registered a decline at the same time. This is also likely to be constructive for the meme coin, as these platforms are what investors use for selling-related purposes.<\/p>\n
Since holders are withdrawing their coins from them (possibly for holding onto the SHIB for extended periods), the selling pressure in the market as a whole may be going down.<\/p>\n
It’s far from a guarantee, but if these factors continue to stay favorable in the coming days, then a bounce back for the Shiba Inu rally may become more probable.<\/p>\n
Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Shiba Inu has gone down 10% since hitting a local top two days ago. But here are some metrics that suggest the rally could still continue. Shiba Inu On-Chain Metrics Have Seen Positive Developments Recently Shiba Inu had been stuck in a perpetual sideways trend during most of July, but the meme coin’s fate switched in the first few days of this month as its price showed some strong upwards momentum. In this rally, the asset had managed to breach the $0.00001000 level, meaning that it had risen almost 30% in a matter of days. The coin, however, couldn’t keep this rise up and soon hit a local top, and since then, SHIB has been moving down. The below chart shows how Shiba Inu has performed during the past month: Looks like the value of the asset has shot up in recent days | Source: SHIBUSD on TradingView As you can see in the graph, while SHIB has seen a notable 10% drawdown since the top around two days back, the full gains of the rally haven’t been wiped out just yet. Shiba Inu is still around 9% up during the past week, which makes it by far the best-performing coin among the top assets by market cap, as most of the sector has in fact gone into the red in this period. Investors of SHIB’s eternal rival, Dogecoin, for instance, are 5% underwater in the past seven days. When looking at only the last 24 hours, though, the meme coin is the worst-performing top coin, as it has registered losses of around 5%. So it’s possible that Shiba Inu has already lost its steam and the asset would gradually keep declining until all the profits of the rally are retraced. Related Reading: Will Bitcoin Rebound Anytime Soon? Here\u2019s What On-Chain Data Says Data from the on-chain analytics firm Santiment, however, might provide a glimmer of hope to the meme coin’s holders, as some positive developments seem to have occured in the coin’s underlying metrics. The data for the SHIB trading volume and exchange supply | Source: Santiment on X There are two indicators of interest here: the “trading volume” and the “supply on exchanges.” The former of these is the measure of the total amount of SHIB that investors are transacting on the blockchain right now, while the latter keeps track of the total number of coins sitting in the wallets of all centralized exchanges. From the chart, it’s visible that the trading volume has shot up for the asset recently. This is a sign that there is a high amount of interest around Shiba Inu right now, which could potentially help fuel more price surges. Related Reading: Bitcoin NVT Shows Bearish Crossover, Price Drop Incoming? The supply of exchanges, on the other hand, has registered a decline at the same time. This is also likely to be constructive for the meme coin, as these platforms are what investors use for selling-related purposes. Since holders are withdrawing their coins from them (possibly for holding onto the SHIB for extended periods), the selling pressure in the market as a whole may be going down. It’s far from a guarantee, but if these factors continue to stay favorable in the coming days, then a bounce back for the Shiba Inu rally may become more probable. Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":546038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,83667,89044,89043,84562],"class_list":["post-545990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shiba-inu","tag-shiba-inu-pullback","tag-shiba-inu-rally","tag-shibusd"],"acf":[],"yoast_head":"\nShiba Inu Sees 10% Pullback, But Here's Why Rally Can Still Continue<\/title>\n<meta name=\"description\" content=\"Shiba Inu has gone down 10% since hitting a top two days ago. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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