Shiba Inu Investors Turn Bearish Amid Massive SellOffs At $0.000018, But This Could Be Good News

Shiba Inu investors turned bearish amid a wave of selling, which halted trading Meme coin pool The price level exceeds $0.000018. Cross-chain analytics platform Santiment provided insights into why this bearish sentiment is positive for the Shiba Inu ecosystem.

Shiba Inu investors turn bearish amid selloff

Shiba Inu investors have turned bearish amid a sell-off in the cryptocurrency market. The broader cryptocurrency market corrected, led by… Bitcoin pricecausing SHIB to default. Data inside TheBlock Highlighting the wave of selling in the Shiba Inu ecosystem, large transactions for the meme coin are currently bearish, suggesting that whales are selling their coins.

In X post, saint It also highlighted the downside towards SHIB as public optimism turned to skepticism about any further upward moves. However, the on-chain analytics platform noted that this could be a good thing, noting that Shiba Inu is one of the largest coins showing the “best upside” based on FUD buying from the public.

The platform explained that the cryptocurrency market remains a speculative sector, even for the largest cryptocurrencies by market capitalization. As such, markets usually move in the opposite direction to the public’s expectations. This means that bearish sentiment is in between Shiba Inu Investors It can lead to “rewarding outcomes” for those who want to buy the dip amid mass selling.

Santimet previously mentioned that these currencies always see big rallies when market participants are bearish. So, amidst this massive sell-off, SHIB could see a price surge that would melt faces, leaving bears in a state of disbelief.

The on-chain analytics platform also cited other top coins like Bitcoin, Dogecoin, Chainlink, XRP, and PEPE as showing the best upside based on how investors are buying them amid mass FUD.

SHIB fundamentals point to a price recovery

Shiba Inu fundamentals, such as meme coin burn rate and rising daily Shibarium transactions, point to a rebound in SHIB’s price. Shipburn data It appears that the Shiba Inu burn rate has increased by over 65,500% in the past 24 hours, with 2.6 million SHIB tokens burned during this period.

This development comes amid Introduction to the Shiba Inu team New method of burning SHIB through Shibarium. The WoofSwap team behind the decentralized exchange (DEX) on Shibarium explained that more SHIB will be burned by minting a new token called FEED.

Meanwhile, Daily transactions for Shibarium It is rising significantly, which is bullish for the Shiba Inu price. Shibarium survey data It appears that daily transactions on the network have returned in the millions, after ranging between 10,000 and 20,000 during most of this year. On October 24, Shiprium recorded 4.77 million daily transactions, its highest level this year.

At the time of writing, the price of the Shiba Inu is trading at around $0.000017, down more than 1% over the past 24 hours, according to Data From Coin Market Cap.

Featured image created with Dall.E, chart from Tradingview.com