Shiba Inu (SHIB), the popular memecoin, took a tumble on June 19th, reaching its lowest price point in over 100 days at $0.000017. This 40% drop within a 20-day period reflects the ongoing bearish sentiment plaguing the memecoin sector, while major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) show signs of recovery.
Analysts attribute the recent SHIB decline to investors shifting their focus away from riskier assets like memecoins, which are more susceptible to social media hype and market fluctuations. However, a glimmer of hope emerges for SHIB bulls.
Bargain Hunters Emerge as Shiba Inu SHIB Supply Dwindles
Data from 20 major crypto exchanges reveals a surprising trend. Despite the recent price slump, savvy investors are seizing the opportunity to buy SHIB at a discount. A collective buy order for a staggering 5.2 trillion SHIB, valued at roughly $77 million, sits on the table.
This surge in buying pressure coincides with a dwindling supply of SHIB on exchanges. With sellers seemingly hesitant at these low prices, only 4.5 trillion SHIB are available for purchase across top platforms like Binance and Coinbase.
This creates a scenario of excess demand (700 billion SHIB) exceeding the current supply. Historically, such situations often lead to price increases as buyers compete for the limited SHIB available, potentially pushing the price back up towards the $0.000020 mark.
Also Read: Dogecoin, Shiba Inu (SHIB), Cardano (ADA) Analysts Predict A 16.7% Breakout For These Meme Coins
Future Uncertain: SHIB Hinges on Market Sentiment
While the influx of buy orders and limited supply offer a potential bullish signal for SHIB, the coin’s fate remains intertwined with the broader crypto market’s overall sentiment. A sustained bullish trend in the crypto market as a whole could propel SHIB further, but a shift back towards bearishness could dampen any potential rebound.
Investors should closely monitor market developments and broader crypto trends before making any investment decisions regarding SHIB.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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