The broader meme coin category has declined throughout the past seven days, charting a drop of almost 8% across all the coins that are tracked (on CoinGecko).
And while DOGE and SHIB are not amongst the worst performers, they are still down more than 7% on the weekly.
The last 30 days have been quite challenging for SHIB, especially as the meme coin is down almost 22%, and the chart looks worrisome.
As you can see from the chart, the volume is also dwindling, but this is far from being the most worrying signal for SHIB bulls to consider.
Shiba Inu (SHIB): 4 Worrying Signs
IntoTheBlock has aggregated multiple on-chain and exchange signals for Shiba Inu (SHIB) that could potentially trouble the price.
The summary is that the current sentiment is “mostly bearish,” with only one out of six signals being bullish.
More specifically, these signals include the Net Network Growth, which is down 0.19. This is a momentum signal “that gives a pulse of the true growth of the token’s underlying network.”
“In the money” holders are also down by 1% over the past day. With this in mind, the majority of SHIB investors are currently losing money on their purchases, as only 45% of them are in the green.
The concentration metric remained unchanged, which is interpreted as a bearish sign. This is a proxy for whether or not large investors are accumulating or distributing SHIB tokens.
Last but not least the number of large transaction, which is a gauge for whale activity and interest, are down 11% in the past day.
