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- Shiba Inu doesn’t provide much in the way of utility or a solid network
- SHIB was listed on Coinbase Pro on September 16, and the community went crazy
- SHIB was unable to break through its long-standing resistance level of 0.00001010. Since May, SHIB has been stuck beneath it
There are a few meme-currencies, such as Shiba Inu, that do not give much value, whether in terms of use-case or a robust network, in a market full of investment-worthy coins. SHIB, on the other hand, managed to astonish the entire crypto industry thanks to its robust community. However, it appears that the community is no longer what it once was.
When Shiba Inu sees a poo, he becomes excited
SHIB was listed on Coinbase Pro on September 16, and the community went crazy. In just one day, the meme-coin grew by 28.87 percent. SHIB has not broken through its long-established resistance level of 0.00001010 since May, and even then, it was unable to do so. Since May, SHIB has been stuck beneath it.
However, this did not deter SHIB supporters from reacting angrily. Over 6.04 trillion SHIB was bought out of the market in less than 48 hours, a figure last seen on July 26. This further led to the supply on exchanges plummeting to a 4-month low.
What are the reasons why you should avoid SHIB?
Because SHIB is considered like a pump-and-dump asset, this type of activity is exactly why it is an untrustworthy asset. The incidents that occurred yesterday are comparable to those that occurred at the start of the July demonstration. Its own community is unconcerned about it and only shows up when prices are rising in order to cash out as much as possible. Active addresses and transaction volumes are usually dormant and low, and only increase when there is a price increase.
Long-term investors, too, cash out at the first sign of profit. Over 3.3 quadrillion currency days were destroyed yesterday, similar to the levels seen in July, indicating the movement of old coins. The price would have stayed consistent if they had preserved their holdings.
The fact that MVRV decreased in less than 24 hours adds to the pump and dump story. At press time, the strength had dropped from 2.0 to the negative zone. Simply said, there is now no actual value going into the coin from the extremely supportive SHIB community. However, it will continue to blip on the crypto radar from time to time because of its fan base and hyped DOGE.
