Disclaimer: The opinions expressed by the writer in this piece are exclusively their own and do not represent the viewpoint of U.Today. The financial and market data provided by U.Today is intended for informational purposes only and does not assume liability for any financial losses that may arise from cryptocurrency trading. It is advisable to perform your own research and seek advice from financial experts prior to making investment choices. We believe that all information published is accurate at the time, but some mentioned offers may no longer be applicable.
Shiba Inu (SHIB) has demonstrated a minor price recovery on the daily chart, suggesting that the downward trend for this meme cryptocurrency might be coming to a close. At the time of writing, the coin has increased by 3.76% over the last 24 hours, reaching $0.00001476, which mitigates a 4.4% decline from the previous week. Despite this recovery, data from IntoTheBlock indicates that the increase in Shiba Inu could be short-lived. Thriving & Declining Real Estate Markets: An Examination of American House Values
Selling Pressure on SHIB
Per the profit chart for Shiba Inu, there are presently 143.6 trillion SHIB tokens in profit, representing approximately 14.58% of the overall supply. Conversely, a larger segment of 83.68%, amounting to 823.96 trillion SHIB, is in a loss position.
Although the token has faced negative growth over the last 90 days, the current recovery indicators suggest a favorable outlook. However, the profit chart reveals considerable selling pressure ahead based on accumulation distribution.
Data indicates that 136,000 addresses acquired a total of 535.61 trillion SHIB at an average price of $0.000017. While Shiba Inu remains beneath this price point, the range between $0.000015 and $0.000019 represents the greatest hurdle in the recovery journey for this meme cryptocurrency.
Shiba Inu and Pectra Catalysts
Amid significant downturns, various projects within the altcoin sector depend on robust ecosystem fundamentals to bolster their recovery, as reported by U.
Today, the leaders of Shiba Inu Coin shared in-depth information regarding the effects of the Pectra enhancement on the SHIB ecosystem.
As per Lucie, following the upgrade, the charges on the Shibarium bridge are projected to lower, facilitating smoother transactions for users. This expected modification might promote wider acceptance of SHIB and could have an impact on its accumulation and price rise.
Concurrently, the token burn rate for SHIB continues to be quite elevated, with millions of tokens permanently removed to boost scarcity.
