Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Shiba Inu FUD Reaches a ‘Tremendous’ Level as This SHIB Indicator Plummets to a 22-Month Low: Details

Shiba Inu FUD Reaches a ‘Tremendous’ Level as This SHIB Indicator Plummets to a 22-Month Low: Details

CryptopotatoCryptopotato2024/09/10 16:00
By:Author: Dimitar Dzhondzhorov

“Shiba Inu is seeing its retail traders showing tremendous relief,” Santiment stated.

TL;DR

  • The number of small Shiba Inu (SHIB) holders has significantly decreased, reflecting high levels of Fear, Uncertainty, and Doubt (FUD).
  • Despite the current bearish sentiment, factors such as a shift to self-custody and an increase in SHIB’s burn rate could potentially drive a future price uptrend.

Small Players Leave the Ecosystem

The popular meme coin Shiba Inu (SHIB) has been on a downfall in the past 30 days, with its price tumbling by 5.5% and currently trading at around $0.00001328. Unsurprisingly, the plunge has negatively affected investors in the asset.

The crypto analytics platform Santiment estimated that the 30-day average trading returns are down “just slightly” at -1.1%, whereas the long-term returns have plummeted by -31.7%. According to the entity, the meme coin may get back on the green track once “Bitcoin is able to stabilize, and altcoins are able to flourish again.”

Santiment further observed that the number of wallets holding less than 1 billion SHIB has plummeted to its lowest level since November 2022. The platform argued this could indicate “a tremendous level of FUD” within the ecosystem, with large players controlling the bigger share of the circulating supply. 

Fear, Uncertainty, and Doubt (FUD) refers to the spread of negative or misleading information, rumors, or sentiment that causes panic among investors, leading to potential selling pressure in the market. The rising level is typically seen as a precursor of severe price swings. 

Last but not least, Santiment maintained that the volume of social discussion surrounding SHIB has been “extremely low” since July, reflecting “a sense of indifference and frustration from traders.” 

Some Good Signals for the Bulls

Contrary to the grim conditions mentioned above, some factors suggest that SHIB’s price could be headed for an uptrend. One example is the Shiba Inu exchange netflow, which has been predominantly negative in the last seven days.

The development suggests a shift from centralized platforms to self-custody methods, which may reduce the immediate selling pressure.

Next on the list is the meme coin’s burning mechanism. The burn rate exploded by over 8,000% in the past 24 hours, resulting in more than 3 million tokens sent to a null address. 

The program’s ultimate goal is to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable in time. So far, approximately 410 trillion tokens have been destroyed, leaving 583.4 trillion in circulation.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!