Hey Shiba Inu Crypto traders! Prepare yourself for an exhilarating trip this June. Your preferred crypto has dismal prospects, according to the most recent research. Given the unexpected changes in the market and the deteriorating signs, we should prepare for possible volatility. This is a thorough schedule of everything Shiba Inu (SHIB) has coming up.
For Shiba Inu, the meme crypto adored by countless investors hoping for multimillion-dollar profits, June begins in a chaotic manner. A notable change has been observed by AMBCrypto’s analysts that may put holders in a precarious position.
With 2.60 trillion tokens exchanged on June 1st, SHIB has a positive net exchange position, according to a thorough analysis done with Glassnode.
By sending a large number of tokens to crypto exchanges, selling pressure was put on.
Such pressure has historically caused prices to decline, and SHIB doesn’t appear to be an exception. The price may be about to decrease again due to the increased supply on exchange platforms, following a period of stagnation in April and May.
The growth of SHIB’s network is another worrying sign. This indicator, which counts the amount of new addresses engaging for the first time with Americans’ favorite memecoin, has been declining lately.
Shiba Inu Crypto: Net Exchange Position Change
Santiment data indicates that this reduction started following a peak on May 29th, which indicated a decline in network use. Shiba Inu’s crypto may see less traction and interest if the network grows more slowly, which might put additional pressure on the price of SHIB.
According to certain analysts, SHIB’s demand must be exceptionally strong in order for the price to rise again, possibly reaching $0.000030.
SHIB holders should get ready for any market swings as June goes on. Key indicators suggest that selling pressure is increasing and demand is decreasing, which might lead to another decline in the price of SHIB. A stunning turnaround is always possible in the world of crypto, though.
Glassnode’s CEO, who goes by the account name “Negentropic” on X (formerly Twitter) twitted, “Rotation is on the horizon. Why: Bitcoin has held its ground while altcoins have suffered. However, as the Altcoin Cycle Signal suggests, we are starting to see the first signals of altcoin movement. Conclusion: The market needs to have an impulse that helps transition from cycle to cycle, and we are not there yet. ETH is trembling because of the lack of demand the rest of the altcoins are missing momentum.”
Shiba Inu Crypto: Tweet by Glassnode’s CEO, Negentropic
