Shiba Inu price starts downtrend as the Dogecoin-killer loses 55,000 holders over ten days
- Shiba Inu price is on a downward spiral, posting nearly 3% losses overnight.
- Proponents note that the Dogecoin-killer has lost 55,000 holders within a ten-day period.
- Analysts believe Shiba Inu price is prepared for a trend reversal following the recent downtrend.
Shiba Inu price continues its downtrend due to the dropping number of holders. There is a sharp decline in the number of hodlers in the Dogecoin-killer.
Shiba Inu price prepares for a trend reversal in the meme coin
Shiba Inu price has posted losses overnight in response to the drop in the meme coin's adoption. Analysts have noted a steady decline in the number of holders and on-chain activity in the Dogecoin-killer's network.
After a consistent spike in the number of Shiba Inu holders for over three months, there has been a significant drop over the past ten days. Shiba Inu had 1,198,789 holders on March 15, 2022; after a decline of nearly 55,000, the meme coin's price started a downward trend.
Over the past two days, the Shiba Inu community has burned 230 million tokens and sent them to the inferno wallet.
A reduction in the Dogecoin-killer's supply drives the meme coin's price higher. Analysts have evaluated the Shiba Inu price trend and predicted a reversal in the meme coin.
Shiba Inu is on track to recover from its downtrend, and FXStreet analysts have set a target of $0.000032. Analysts believe Shiba Inu price has the most upside potential among Bitcoin, Ethereum, and altcoins and is prepared for its recovery.
Analysts note that the Ichimoku cloud is extremely thin going forward from March 25, 2022. It is the thinnest that it has been for any length of time, signaling a rise in bullish potential in Shiba Inu.
Analysts have predicted a Shiba Inu price rally and believe the meme coin would end its downtrend soon.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
