- Shiba Inu has lost its bullish momentum.
- SHIB’s weighted sentiment is back in the negative territory, leaning towards the bearish side.
- SHIB’s price is down more than 6% to trade at $0.00001027.
There was some excitement surrounding Shiba Inu (SHIB) after the highly anticipated Shiba Eternity game. However, the hype has died down, and the crypto has lost its bullish momentum to adopt a bearish trajectory over the last five days.
One of the reasons why SHIB failed to gain bullish traction could be because of the fact that the game did not have enough traction to drive up the demand for the token. The game is still very new, and it might take some time for the game to gain significant traction from the community.
Although there was an uptick in excitement towards the end of last week for SHIB, the weighted sentiment dropped just as fast.
SHIB Weighted sentiment Source: Santiment
At the time of writing, SHIB’s weighted sentiment was back in the negative territory, leaning towards the bearish side. A continuous 90-day mean coin age drop close to the lower four-week range did not help SHIB’s issue.
This decline confirms the fact that investors are selling off coins that were bought over the last three months. This, in turn, contributed to the crypto’s struggle to find any bullish volume.
In addition, SHIB addresses holding trillions of coins that have also been selling periodically, negatively affecting SHIB’s price actions. At the time of writing, SHIB’s price was down more than 6%, trading at $0.00001027.
Luckily for investors, now is the time to be on the lookout for opportunities. The best time to observe bullish activity could be when the bigger accounts are not offloading their coins.
Investors should also look for instances where there is a lot of excitement and heavy demand in the market. Occasions like these will more than likely favor the bulls.
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