The leading meme token’s on-chain metrics, Shiba Inu (SHIB), could indicate that there are still headwinds to be considered despite the cryptocurrency’s attempts to regain an uptrend.
SHIB Analytic Reports
Data from the crypto analytics platform IntoTheBlock determined the meme token’s address profitability at 24.37%, with a total of 323,540 addresses currently in the cryptocurrency. When focusing on the less profitable 928,370 addresses, or 69.93%, the data could become concerning. According to on-chain data, a total of 347,430 addresses purchased 240.59 trillion SHIB at $0.000011. This price mark has created a significant resistance point because these addresses could move to liquidate SHIB as the meme token approaches this level.
Shiba Inu may have faced tremendous selling pressure since the beginning of the year as the token has gained and lost a zero in its price multiple times. This situation demonstrates the endless struggle between market bulls and bears. At the time of writing, Shiba Inu is trading at $0.000008955, up 4.55% in the last 24 hours, showing its first uptrend in more than a week.
Uptrend Momentum for SHIB
Despite the mentioned upward trend, Shiba Inu’s price has not yet regained the $0.000009 price level, which could indicate that a further downward trend continues in the market. Shiba Inu’s recovery journey could be better in the new period as the cryptocurrency’s metrics have not improved.
For example, the Shiba Inu burn rate dropped by more than 94%, and only a few million tokens were sent to unused wallets overnight. Data from IntoTheBlock also revealed a decline in whale transaction volume and daily active addresses, which increased doubts about the token’s potential to overcome the resistance wall it faces.
