Bittime - In recent weeks, the crypto market has undergone a significant consolidation phase, attracting the attention of many investors in memecoins such as Shiba Inu (SHIB). The reason is that the price of SHIB has fallen in recent days.
The decline in Shiba Inu prices has sparked concern among long-term holders.
Shiba Inu Holders Panic
With the price of Shiba Inu dropping to its lowest point, on-chain data shows that Shiba Inu holders are starting to panic regarding the possibility of the next wave of sales.
Long-term holders of SHIB, after nearly two weeks of facing intense bearish pressure, appear to show no signs of offloading their tokens. If this trend continues, it is likely to trigger further sales waves in the coming days.
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Long-Term Holders Sell SHIB Tokens
The Age Consumed chart of Santiment tracks the intensity of selling pressure from long-term investors. This indicator multiplies the total daily number of SHIB tokens traded by the number of days since the token was last moved.
Basically, the Age Consumed metric spikes when a large number of long-term holders are actively selling their tokens.
On June 11, Shiba Inu's Age Consumed reached 3465.6 trillion, sparking fears of another wave of selling ahead of the next US Fed interest rate decision scheduled for Wednesday.
This latest figure is significantly higher than the previous peak observed in April and May 2024. As can be seen, a huge spike in Age Consumed appears when a large number of long-held tokens are moved to a new address within a single day.
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Factors Affecting the Decline in Shiba Inu (SHIB) Prices
Several factors contributed to the decline in Shiba Inu prices, one of which is broader macroeconomic uncertainty, including the US Fed's interest rate decision.
This decision has a major impact on overall crypto market sentiment, as higher interest rates are likely to reduce liquidity and increase borrowing costs, which could ultimately depress the price of risky assets such as cryptocurrencies.
In addition, competition from other better-performing memecoins, such as PEPE and FLOKI, also contributed to the pressure on SHIB.
Investors looking for quick profits may prefer the up-and-coming memecoins, leaving SHIB and DOGE more established but in a downtrend.
Long-Term Impact
A significant drop in the price of Shiba Inu and the potential for a massive sell-off by long-term holders could have a long-term impact on investor confidence and price stability.
If this downward trend continues, SHIB may face a major challenge in attracting investor interest, especially if other memecoins continue to perform better.
However, it should be noted that the crypto market is highly volatile and price movements can change quickly. Positive market sentiment, new partnership announcements, or significant project developments can help restore the price of SHIB and recapture investor interest.
Also read: Shiba Inu Price Slumps Before Predicted to Fly
The price of Shiba Inu is currently at its lowest point in the last 40 days, with long-term holders preparing for the next wave of selling.
Analysis of on-chain data shows increased selling pressure from long-term investors, which could trigger further sell-off if this trend continues. In addition, the US Fed's interest rate decision and competition from other memecoins also contributed to the pressure on the SHIB price.
SHIB Price Today
At the time of writing, SHIB is trading at $0.00002168 per token with the trading pair SHIB/USDT. Based on data from Bittime on 2024/06/13, SHIB's price performance has declined by 2.25% in the last 24 hours.
Source: Bittime
Conclusion
Although SHIB has had to face these hurdles, the crypto market is still very dynamic and opportunities for recovery are always there. Moreover, the Shiba Inu community, the ShibArmy, is known for their generosity and solidity.
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) easily and securely through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have a sufficient balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can only buy crypto assets on the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell or buy any crypto assets. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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