Shiba Inu Losses Value After Network Overload

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Shiba Inu Losses Value After Network Overload

Shiba Inu Losses 36% Value After Network Overload

The troubles of Shiba Inu are far from over, as the cryptocurrency continues to experience setbacks one after another. Recently, a new ETH-based layer-2 network was launched, but a network overload plagued it. As a result, ETH, worth millions of dollars, was stuck in the network bridge.

To solve the rumors and address the issue, Shytoshi Kusama stepped up, but it appears that it will not be enough to allow SHIB's recovery to be back on track. That's why most of the dog-themed coins, such as BONE and SHIB, are back to their original long-term trends.

Despite all the negativity, SHIB has already managed to recover some ground after losing around 36% of its value in the last few days. If we look at the SHIB's price action, most of this downfall occurred on the 17th of August, as the coin lost 20% of its value. Experts believe the real reason behind this major slump in this dog-themed coin is network overload.

Shiba's Recovery Is Stalled

Although the coin has managed to inch 6% higher in the last 2 days, we can't say that the bearish pressure is completely gone. Despite all of this, RSI is also showing promising signs for the SHIB bulls along with the AO histogram as well.

IntoTheBlock's data also shows an interesting fact about the Shiba Inu coin - Around 13.7% (175,770) of the total SHIB addresses are in green based on their original buying price. In other words, around 76.88% of the SHIB addresses are in loss or, more precisely, heavy losses!

And if w look at the volume metrics of SHIB, it reveals 4.31% of the investors are in green while the rest of the 88% are in red.

The bigger picture is that most of the people who have put their money in this dog-themed coin are at a loss! So if the bulk of these people ends up cutting their losses and turning their SHIB coins into other crypto assets or even fiat, it will lead to a flash crash in the SHIB coin.

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