Shiba Inu Crypto: Buckle up for an unleashed June!

SHIB traders, get ready for a roller coaster ride this June! The latest analyses reveal bleak prospects for your favorite crypto. With surprising market movements and declining indicators, it’s time to brace for potential turbulence. Here’s a detailed overview of upcoming events for Shiba Inu (SHIB).

Shiba Inu: The Fall of Hopes

The month of June starts chaotically for Shiba Inu, the meme crypto beloved by many investors eager for million-dollar gains. The experts at AMBCrypto have noticed a significant shift that could leave holders in a delicate situation.

An in-depth analysis using Glassnode shows that SHIB’s net exchange position was positive on June 1st, with 2.60 trillion tokens traded.

This means that many tokens were sent to crypto exchanges, creating selling pressure.

Historically, such pressure often leads to a drop in prices, and SHIB seems no exception. After a period of stagnation in April and May, where the price remained stable, the increased supply on exchange platforms could indicate an imminent new drop.

At the time of writing, SHIB was trading at $0.00002497, marking a 6.49% decline over the last 90 days. Continuing this trend could see the price drop to as low as $0.000020.

A Decreasing Demand for SHIB Crypto

The other concerning indicator for SHIB is the growth of its network. This metric, which measures the number of new addresses interacting with the favorite memecoin of Americans for the first time, has recently dropped.

According to data from Santiment, this decline began after a peak on May 29th, signaling a decrease in network adoption. A stalled network growth often means less traction and interest in Shiba Inu’s crypto, which could further exert negative pressure on SHIB’s price.

Additionally, the daily circulation of SHIB, another key measure, was 965.89 billion at the time of writing. Lower circulation indicates fewer transactions and, consequently, reduced demand for the token. Without a significant increase in demand, it seems unlikely that SHIB can rally quickly.

Some analysts suggest that to see a rebound, SHIB’s demand needs to be spectacular, which could push the price back up to $0.000030.

As June progresses, SHIB holders should prepare for potential market fluctuations. With key indicators pointing towards increased selling pressure and declining demand, SHIB’s price could experience a further correction. However, as always in the crypto world, a spectacular reversal is never off the table.