Outlook for Shiba Inu (SHIB) Price Momentum as it Takes a Dip

The price of SHIB, the cryptocurrency associated with the Shiba Inu meme, has dropped by 8% since mid-April. The entire crypto industry has experienced a slowdown in recent weeks, with SHIB holders expected to sell their coins in the coming days, according to on-chain data. The 30-day Market Value to Realized Value (MVRV) ratio for SHIB, which considers holder profits or losses, is approaching a high-risk territory, and the slowdown in the acquisition rate of new users on the Shiba Inu Network is another cause for concern. The decline in network growth implies the SHIB community may be losing market share to competing meme coins, and the coin may struggle to find fresh demand to bolster price growth. In the worst-case scenario, SHIB’s price could drop to $0.000009. However, if it manages to breach the resistance zone at $0.000012, it could continue its rally towards $0.000017.