Shiba Inu (SHIB) is one of the largest meme coins in cryptocurrency circles and is currently going through a cooling trend. On-chain data shows that long-term investors in the Shiba Inu network may be regaining confidence and this could lead to a significant drop in selling pressure and subsequent a price gain. The Market Value to Realized Value (MVRV) ratio evaluates the financial position of current token holders. Accordingly, holding SHIB tokens now left a 16% unrealized loss in its wake. This is the same situation that occurred during the USDC-depeg panic sell-off, potentially pointing to a full reversal. Investors could push the SHIB token price to as high as $0.000012, but a break of the $0.0000085 support level to the downside could erase these gains and lead to a 15% plunge back to $0.0000075. Still, an established buy-wall of 276,000 SHIB may prevent this falling action from happening.
Jaxon Chavez
- 2023-05-12
Shiba Inu (SHIB) Experiencing Reversal Potential Based on Market Value to Realized Value
On-chain data of Shiba Inu (SHIB) shows that long-term investors may be regaining confidence and this could lead to a significant drop in selling pressure and subsequent price gains. Market Value to Realized Value (MVRV) ratio could push SHIB token price to as high as $0.000012, but a break of the $0.0000085 support level would erase those gains.
-Experiencing-Reversal-Potential-Based-on-Market-Value-to-Realized-Value.jpg)