Bitrabo Editorial
Recent trends indicate that Shiba Inu investors are becoming pessimistic due to a wave of sell-offs, curtailing the cryptocurrency’s rally above the $0.000018 mark. Insights from the on-chain analytics platform Santiment suggest that this bearish sentiment may actually benefit the Shiba Inu ecosystem.
Shiba Inu Investors Become Pessimistic Amid Market Corrections
Amid a general decline in the cryptocurrency market, particularly influenced by Bitcoin’s downturn, Shiba Inu investors are shifting towards a bearish outlook. Data from IntoTheBlock indicates that significant sell-offs are occurring, as large holders of the meme coin, commonly referred to as whales, appear to be parting with their assets.
Santiment has commented on the increasing negativity surrounding SHIB, noting that initial optimism is being replaced by skepticism regarding potential price recovery. However, they posit that this could be a favorable scenario, suggesting Shiba Inu stands out among major cryptocurrencies showing good potential for gains, particularly for those who buy during times of uncertainty.
According to the platform, the crypto sector remains largely speculative, with price movements often opposing the collective market sentiment. Therefore, the current bearish outlook could potentially yield substantial rewards for those willing to invest during dips, even amidst widespread selling.
Historically, such downturns have led to considerable recoveries for cryptocurrencies when investors are feeling pessimistic. This could signal a potential price rise for SHIB, surprising those who anticipated further declines.
Santiment has also pointed out other notable cryptocurrencies like Bitcoin, Dogecoin, Chainlink, XRP, and PEPE, which seem to be enjoying favorable buying patterns during this period of market anxiety.
Signs of a Price Recovery for SHIB
The underlying fundamentals of Shiba Inu, including its increasing burn rate and the surge in daily transactions on Shibarium, suggest a possibility for SHIB’s price to rebound. Data from Shibburn reveals a staggering 65,500% increase in the burn rate over the past day, with 2.6 million SHIB tokens being burned during this timeframe.
This surge in activity is related to the introduction of a new SHIB burning strategy via Shibarium by the team behind it. The decentralized exchange (DEX) called WoofSwap revealed plans to increase SHIB burning by minting a new token known as FEED.
Additionally, daily transactions on Shibarium are experiencing a remarkable upswing, which is indicative of a bullish trend for SHIB’s value. Current data from Shibariumscan shows that daily transactions have skyrocketed, reaching a peak of 4.77 million on October 24, a significant increase from the 10,000 to 20,000 range observed for most of the year.
As of this moment, Shiba Inu’s price is approximately $0.000017, reflecting a decline of over 1% within the last 24 hours, according to data from CoinMarketCap.