๐๐๐ง๐โ๐จ ๐๐๐๐๐ ๐๐ฃ๐ช ๐๐ง๐๐๐ ๐ผ๐จ โ๐ฟ๐๐๐ฉ๐ ๐พ๐ง๐ค๐จ๐จโ ๐๐ข๐๐ง๐๐๐จ ๐ค๐ฃ ๐พ๐๐๐ง๐ฉ๐จ
๐๐ง๐๐๐ ๐ฃ๐ค๐ฌ ๐๐๐๐๐๐
Shiba Inu (SHIB) trades at $0.0000115 today, June 20, as it continues the downtrend that has seen it shed more than 20% in value in just one month. At press time, SHIBโs daily trading volumes had declined by 38% to $78 million amid fading market interest. Meanwhile, a key on-chain metric had formed a โdeath cross,โ which usually warns that the Shiba Inu price is about to enter a strong downtrend.
SHIB price could experience a spike in volatility as the Market Value to Realized Value (MVRV) creates a โdeath cross.โ This bearish signal emerged after the 30-day MVRV dropped below the 365-day MVRV, indicating that the traders who bought SHIB in the last 30 days are in deeper losses compared to the traders who have held for a year.
Per Santimentโs data, traders who have held SHIB for 30 days are sitting 132% underwater, while those who bought in the last year have losses of 112%.
This crossover may have a bearish implication in the short term as recent buyers are beginning to capitulate. Moreover, when new buyers are beginning to make notable losses with top meme coins such as Shiba Inu, new capital inflows could dry up, increasing the downside risk.
However, while this move may affect the Shiba Inu price performance in the near term, it may precede a bounce in price. After short-term holders are done capitulating, it could give room for the price of SHIB to rebound to the upside. Such intense losses may also deter investors from selling until they break even.#
