Shiba Inu (SHIB), the well-known meme coin, has seen its price fall by 44% in the last three months. This sharp drop has sparked fears that SHIB could be stuck in the so-called “September Slump.” That is a period historically marked by weak performance.
Recent data indicates that the chances of a recovery for SHIB are slim. The last time SHIB saw a monthly gain was in May, and since then, its performance has been lackluster. The Network Value to Transaction (NVT) ratio for SHIB has increased, signaling that the market cap is rising faster than transaction volumes. This suggests that SHIB may be overvalued, raising concerns about a potential price bubble.
Additionally, the Large Holders Netflow has dropped by 163% over the past week. This decline shows that more SHIB is being sold than bought, further pressuring the price.
Currently, 44% of SHIB holders are at a loss; if the downward trend continues, this could increase to over 50%. SHIB is trading at $0.000013, below its 20-day and 50-day Exponential Moving Averages, indicating a bearish outlook. If the negative trend persists, SHIB could drop to $0.000010 by the end of September.
However, there is still a chance for a rebound. If buyers push the price above the 20-day EMA, SHIB could retest higher levels. it will potentially reach $0.000017 or even $0.000020. For now, though, SHIB holders are bracing for a challenging September.
