Shiba Inu Investors Gravitate Towards New Gambling Token At $0.00107 Set To Explode
The post Shiba Inu Investors Gravitate Towards New Gambling Token At $0.00107 Set To Explode appeared on BitcoinEthereumNews.com.
Are Shiba Inu (SHIB) investors looking for the next big thing? The rise of a new gambling token, Mpeppe (MPEPE), priced at $0.00107, is drawing significant attention from the crypto community. With the potential for explosive growth, many Shiba Inu (SHIB) holders are shifting their focus to this promising new asset. Shiba Inu’s NVT Ratio: A Warning Sign? The Shiba Inu (SHIB) network value to transactions (NVT) ratio has seen a drastic increase, indicating a possible price correction. According to data from Glassnode, SHIB’s NVT ratio is currently outpacing the meme coin’s price, presenting a bearish outlook. This metric suggests that while SHIB is currently in an uptrend, it may soon face significant resistance on its journey to $0.00003. In addition to the NVT ratio, data from IntoTheBlock reveals a reduced correlation between Shiba Inu and Bitcoin. Previously, SHIB had a strong positive correlation with Bitcoin, with a correlation coefficient over 0.9. However, this figure has now dropped to 0.52, indicating a lesser degree of correlation and increasing the risk of sell-offs. Shiba Inu’s Mixed Signals Despite the bearish NVT ratio, other metrics paint a more optimistic picture for Shiba Inu. Large transactions involving Shiba Inu (SHIB) have increased, suggesting that whales might be accumulating the token in anticipation of higher prices. In the last seven days, there has been a notable increase in large transactions, with 365.69 billion SHIB traded in the last 24 hours alone. This activity could help sustain SHIB’s current uptrend and potentially avert a price correction. However, with only about 51% of Shiba Inu (SHIB) holders currently in the money, the risk of significant sell-offs remains high as the remaining 49% look to break even. This mixed sentiment among Shiba Inu (SHIB) investors has led many to explore new opportunities, and Mpeppe (MPEPE) is emerging…
Filed under: News - @ July 30, 2024 11:26 pm