Potential 20% Dip in Shiba Inu (SHIB): Analyzing the Crypto Coin’s Unexpected Market Movements
- Shiba Inu’s old coins have seen an unexpected spike, potentially altering previous price forecasts.
- The Mean Coin Age (MCA) has indicated a possible further price decrease for SHIB.
- However, the Exchange Netflow Volume is negative, suggesting possible price stability.
Shiba Inu’s old coins have seen an unexpected spike, potentially altering previous price forecasts. However, the Exchange Netflow Volume is negative, suggesting possible price stability.
Unexpected Spike in Shiba Inu’s Old Coins
On the 5th of May, the 90-day Mean Coin Age (MCA) on the Shiba Inu [SHIB] network suddenly jumped. The MCA is the average age of all tokens on a blockchain, and this spike suggests that old coins are transferring their assets to another residence, possibly an exchange. This could indicate that SHIB’s price could be on the verge of another decline.
Implications of the Spike
Historically, a low MCA implies that more coins are being retired to a wallet, which is a sign that holders are not willing to sell. This usually prevents a severe decline in the price of the token. However, spikes in the MCA, like the one seen with Shiba Inu, suggest that old coins are moving their assets, which often leads to a price decrease. At press time, SHIB changed hands at $0.000024, an 8.22% decline in the last 30 days. If the MCA continues to rise, the value of the token might drop below this price.
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