Shiba Inu May Soon Reverse As The Meme Coin Gets Only 10% Away From Critical Support Level

Shiba Inu's sustained decline may be turning out to be a blessing in disguise for the meme coin holders.

Shiba Inu’s sustained decline might be turning out to be a blessing in disguise for the meme coin holders. Shiba Inu dropped over 20% from last month’s price and is trading at $0.00001368, according to CoinMarketCap data.

The meme coin is now approaching the critical support level at $0.000012. If that happens, new data indicates that a reversal could occur.

The basis for this prediction is the Market Value to Realized Value (MVRV) Long/Short Difference. The MVRV Long/Short Difference measures the difference in profits between short-term holders and their long-term counterparts. If positive, long-term holders have more realized gains. Conversely, a negative figure favors short-term holders.

According to Shiba Inu’s history, when the MVRV Long/Short Difference hits -24.05%, Shiba Inu bottoms out. This phenomenon was last observed in October 2023 when Shiba Inu rallied until it hit its yearly ATH in March, weeks after hitting this point. As of the time of print, Shiba Inu’s MVRV Long/Short Difference stands at -14.44%, just about 10 points away from the critical support level.

Meanwhile, on-chain analytics provided by IntoTheBlock reveal an increase in short-term Shiba Inu holders within the last 30 days, indicating they may be positioning for a potential bullish turnaround. There has already been an 11% increase in the number of traders in this time frame and the trend’s continuation signals traders’ confidence in the meme coin’s short-term potential.

While Shiba Inu investors await the meme coin’s reversal in a few days or weeks, ETFSwap (ETFS) presents a unique profit-making opportunity. The Ethereum token is best positioned to mirror Shiba Inu’s 100,000x move of November 2021.

ETFS has received many favorable reviews thanks to its unique offering of hybrid institutional assets on a decentralized platform. ETFSwap offers a variety of crypto ETFs on a platform powered by blockchain technology. The platform is built on the highly secure and scalable Ethereum blockchain, guaranteeing its users true transparency, security, and efficiency. Furthermore, users have 24/7 access to market data, allowing them to take every opportunity in the market and respond swiftly to the volatile market dynamics.

ETFS presale has sold over 85 million tokens, generating a revenue of more than $2.8 million in a few weeks. Top analysts and experts in the crypto community have forecast a huge 10,000% rally for the token.

ETFS is steeped deep in the platform’s ecosystem and governance structure. The token helps remove extra fees that drain traders’ liquidity, so they always have something to trade with. Furthermore, the token gives holders voting rights to direct the platform’s future in alignment with their investment goals.

Finally, ETFSwap’s staking beats Shiba Inu’s as holders can expect up to 87% APR yield from the platform’s staking pool.

If Shiba Inu’s analysis is anything to go by, now may be the best time to buy the meme coin as a reversal may be around the corner. However, with ETFSwap (ETFS), investors and traders can gain greater rewards in a few weeks. Buy the token at its discounted price of $0.01831 and use the promo code “ETFS50” to accumulate more tokens.

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