One of the most popular cryptocurrencies with 90% of investors losing money is named

Over the past week, the Shiba Inu (SHIB) token has fallen in price by 17%, with the cryptocurrency’s rate dropping by 10% on Wednesday, June 14 alone. Market experts emphasize that the project is finding it increasingly difficult to attract new users, which casts doubt on the coin’s bullish prospects.

According to Glassnode, SHIB has been in almost no demand this week. The number of new addresses created on the Shiba Inu Network Growth has been rapidly declining since June 11. In particular, over the past three days, it has dropped by 133%, from 3,838 addresses to 1,646.

Meanwhile, regulatory pressure from the US Securities and Exchange Commission (SEC) continues. Investors are likely to reallocate capital away from meme coins (including SHIB) in favor of bitcoin and other more stable, large-cap altcoins. If this trend continues, the bearish trend in SHIB may continue for several more weeks.

According to the Glassnode chart below, SHIB has been losing momentum since June 10. From June 10 to June 14, SHIB’s NVT ratio (the ratio of network value to transaction volume) soared by almost 550%, from 35.29 to 229.56. Such a jump in the NVT ratio suggests that SHIB has a long-term bearish trend ahead.

According to IntoTheBlock, more than 90% of SHIB token holders are currently suffering losses. Given the dominance of bearish sentiment in the market, it can be assumed that SHIB is likely to start another decline to $ 0.5 in the coming weeks.

Analysts say that the meme token’s growth above $ 0.7 will help mitigate the bearish scenario. If the desired level is passed, the Shiba Inu bulls will be able to initiate a rally towards $ 0.13.

According to CoinMarketCap, at the time of writing, Shiba Inu (SHIB) is trading at $ 0.6 607 with a market capitalization of $ 3.8 billion. Traders made daily trading deals worth $ 91.3 million.