Very bad news for Shiba Inu (SHIB)? These 4 signals mean price problems

The broader meme coin category has been declining over the past seven days, recording a nearly 8% decline across all tracked coins (on CoinGecko).

And while DOGE and SHIB are not among the worst performers, they are still down more than 7% on a weekly basis.

The last 30 days have been quite challenging for SHIB, especially because the meme coin has dropped by almost 22% and the chart looks worrying.

As you can see from the chart, volume is also decreasing, but this is far from the most worrying signal that SHIB bulls should consider.

Shiba Inu (SHIB): 4 worrying signs

IntoTheBlock has aggregated several on-chain and exchange signals for Shiba Inu (SHIB) that could potentially lead to price fluctuations.

In summary, the current sentiment is “mostly pessimistic” and only one out of six signals is bullish.

More specifically, these signals include net network growth, which has decreased by 0.19. This is a momentum signal “that provides momentum for the true growth of the token's underlying network.”

In the money holders have also declined by 1% over the past day. With this in mind, the majority of SHIB investors are currently losing money on their purchases, as only 45% of them are in the black.

The concentration metric remained unchanged, which is interpreted as a bearish sign. This is an indicator of whether large investors are accumulating or distributing SHIB tokens.

Last but not least, the number of large transactions, which is an indicator of whale activity and interest, has fallen by 11% over the past day.