The post Shiba Inu Under Bearish Pressure At Key Levels Owing To Negative Metrics: Here’s The Next Level For SHIB Price appeared first on Coinpedia Fintech News
Despite a bullish start in the first week of November, the SHIB price has since witnessed bearish pressure, facing sell-offs at key resistance levels. Although the Shibarium blockchain continues to perform and achieve transaction milestones, its success has not been reflected in SHIB’s price. Additionally, declining on-chain metrics point towards a downward sentiment for the leading memecoin in the coming hours.
Loss-Making Addresses Surge To 80%
Amid the overall crypto market sell-off triggered by Binance’s $4.3 billion fine and the resignation of its CEO, CZ, the memecoin market lost most of the gains it had made in recent weeks. This turmoil significantly impacted SHIB’s price, which plummeted from its peak of $0.0000087, leading to a massive liquidation exceeding $1.2 million, as reported by Coinglass.
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