Shiba Inu, a meme coin, emphasizes growth over short-term gains, notes HeberMayen on X platform. It observes repetitive volume patterns, typically spiking at the week’s start and then tapering off. This cyclical behavior possibly indicates a reset for the asset, aligning with its trading dynamics.
The current price of Shiba Inu stands at $0.00002446, maintaining above the 50-day Exponential Moving Average, a positive indicator for bullish investors. Notably, a significant portion, 73%, of SHIB tokens is held by large whales, potentially influencing price movements.
Alternative, a sentiment tracking platform, reports a rising crypto fear and greed index, now at 74 from 67 last month, suggesting euphoria. The market’s emotional nature sees investors succumb to greed during price surges, driven by fear of missing out (FOMO). Conversely, some panic-sell during downturns.
At the time of press, Shiba Inu experienced a 1.44% increase in 24 hours, with a trading volume of $1,015,108,668, and held a market cap of $1,015,108,668. Its circulating supply is 589,271,846,515,728 SHIB coins.
The focus on long-term growth rather than quick gains underscores a strategic approach by the Shiba Inu team. With consistent volume patterns and a maintained position above the 50-day EMA, investors cautiously monitor the coin’s movements.
The dominance of large holders suggests a potential for them to sway price actions, adding another layer of consideration for traders. The increasing greed index indicates a market sentiment shift towards euphoria, a common precursor to potential corrections.
Investors navigating the crypto market are mindful of sentiment swings, characterized by FOMO-driven buying and panic selling. Shiba Inu’s price fluctuations, along with its trading dynamics, reflect these sentiments.
As the week progresses, observers anticipate whether Shiba Inu will continue its cyclic pattern or experience deviations. Traders strategize amidst the emotional backdrop, balancing short-term gains with long-term growth objectives.
