Shiba Inu Starts September On A Bearish Note, Historical Data Shows What Happens Next

Shiba Inu (SHIB) has began the month on a bearish note, as its price has dropped significantly since September 1. Based on historical data, SHIB could suffer more price declines this month, because the meme coin has often closed at a loss in September.

Shiba Inu Begins September In The Red

Data from CoinMarketCap shows that Shiba Inu is down over 3% since September 1. This highlights the bearish outlook for the meme coin in the mean time. Besides the worth decline, on-chain metrics also paint a bearish picture for the meme coin, suggesting that Shiba Inu is susceptible to further price declines.

Data from the market intelligence platform IntoTheBlock shows that the ‘In The Money’ metric is bearish as 53.17% of SHIB addresses are actually out of the cash because of the meme coin’s recent price decline. This is important as those currently holding at a loss could sell their tokens in a bid to chop their loss, resulting in more price declines for Shiba Inu.

Source: IntoTheBlock

The $0.000010 price level stays a vital price level that Shiba Inu needs to carry above, as 132 trillion SHIB tokens were bought at that level. That represents a substantial a part of the meme coin’s current circulating supply. These tokens could quickly flood the market if Shiba Inu were to drop below $0.000010 because the 342,490 addresses holding these tokens look to chop their losses.

One other bearish on-chain metric for Shiba Inu is its net network growth. The variety of day by day latest addresses within the SHIB ecosystem has remained low, highlighting how the mem coin’s adoption has stagnated. That is undoubtedly worrisome, because the meme coin needs an influx of recent investors whether it is to experience massive growth in this bull run.

For now, Shiba Inu whales proceed to be one among the few positive within the meme coin’s ecosystem, as data from IntoTheBlock shows that giant transactions have surged over these past few days. This means that these whales are again accumulating the meme coin in hopes of future price gains from Shiba Inu.

Historical Data Shows What To Expect From SHIB

Data from CryptoRank, highlighting Shiba Inu’s monthly returns over time, has provided insights into what to anticipate from the meme coin this September. This historical data shows that SHIB ended the last two September with a monthly loss. Shiba Inu suffered a monthly lack of 8.25% and 6.43% in September 2023 and 2022, respectively.

The one time the meme coin has ended September with a monthly gain was in 2021, the yr it launched. As such, September could again be a bearish month for SHIB, seeing the way it has recorded a mean monthly lack of 3.39% on this month because it launched in 2021. Nevertheless, this month may very well be bullish for Shiba Inu, especially if the sentiment within the broader crypto is bullish, with a possible rate cut on the horizon.