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Shiba Inu (SHIB) is losing momentum in no small way as the broader crypto market gives up its gains in a rapid manner. The second-largest meme coin has dropped by 2.77% in the past 24 hours with price trading on spot exchanges at $0.000009823. With trading volume dropping by more than 17% to $196,265,702, the token has proven at the mercy of its bears in the short term.
The latest erratic bull-bear action has forced Shiba Inu to give up some of its gains, with the token losing another zero.
Over the past month, Shiba Inu has added and lost new figures, but it has ultimately failed to turn the $0.00001 price level into an actual support zone. The market sentiment surrounding Shiba Inu is very bearish, but a metric remains promising to show that an imminent uptrend cannot be ruled out in the long term.
On-chain data shows that despite the latest bouts of sell-offs, Shiba Inu is still in “Greed” on the Fear and Greed Index. This implies that Shiba Inu bulls still have the hidden desire to go all out on the token, and given the right conditions, they may resume accumulating the coin.
Shiba Inu metrics at tipping points
While the drop in the price of Shiba Inu is a function of the sentiment in the wider market outlook, its key on-chain metrics are also at a tipping. The Shibarium transaction count has slumped to its lowest level in months, with only 1.33 million transactions recorded in the past 24 hours.
The burn rate is also down by 95% overnight, with just a tiny 820,007 SHIB burned thus far. These same metrics could flip at any time in response to the underlying market greed, and they may play a crucial role in returning SHIB to its winning ways as they have always done.