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Concerns are mounting within the Shiba Inu (SHIB) community as the meme coin braces for what many fear could be another bearish month. The so-called “Shiba Inu (SHIB) September curse” looms large, given the token’s history of underperformance during this time. With SHIB already down 44% over the past 90 days, traders worry that the “September Slump” could deepen losses and push more investors into the red.
Shiba Inu (SHIB) has gained fame as a high-risk, high-reward asset in the crypto space, but its historical performance in September has been less than stellar. The “September Curse” has left many SHIB investors wary, particularly as on-chain metrics hint at further potential declines.
The last time Shiba Inu recorded a monthly gain was back in May, and since then, the market environment has shifted considerably. Some analysts now believe that the broader crypto market could be entering a bear phase, with SHIB at risk of experiencing a deeper drawdown.
Shiba Inu Network Value to Transaction Ratio. Source: Glassnode
For those hoping for a September rebound, the data suggests otherwise. The Network Value to Transaction (NVT) ratio—a key metric used to evaluate the relationship between market cap and transaction volume—shows a concerning trend for SHIB. The NVT ratio has spiked dramatically, indicating that Shiba Inu’s market cap is growing faster than the transaction volume on its blockchain.
This imbalance suggests that SHIB might be overvalued relative to its actual use, raising concerns about a potential bubble. If SHIB’s market cap continues to outpace transaction activity, it could set the stage for another price decline, reinforcing the “Shiba Inu (SHIB) September curse.”
Historically, SHIB’s September performance has been bearish, reflecting a broader trend seen across various cryptocurrencies during this month. The spike in NVT ratio only adds to the uncertainty, making it difficult to predict a near-term recovery.
The potential consequences of the September curse extend beyond just price declines. Shiba Inu’s Large Holders Netflow—a measure of buying and selling activity among large SHIB holders—has dropped by 163% in the past seven days. This metric is crucial because it tracks the behavior of addresses holding more than 1% of SHIB’s circulating supply.
A drop in netflow suggests that more SHIB is being sold than bought by large holders, signaling waning confidence among major investors. This is particularly concerning because a rising netflow typically indicates accumulation, which can lead to price increases. With netflow in the negative, the likelihood of a price drop increases, potentially pushing the percentage of SHIB holders in a loss from 44% to over 50%.
Shiba Inu Large Holders Netflow. Source: IntoTheBlock
From a technical standpoint, Shiba Inu is showing signs of weakness. The token is currently trading at $0.000013, below both its 20-day and 50-day Exponential Moving Averages (EMAs). Trading below these EMAs is traditionally viewed as a bearish indicator, suggesting that SHIB could face further declines if these trends hold.
Moreover, the Chaikin Money Flow (CMF) indicator has entered negative territory. The CMF is used to gauge the strength of a market’s buying and selling pressure, with negative values indicating that more tokens are being sold than accumulated. For SHIB, the current negative CMF suggests increased selling pressure, which could further weigh on the token’s price.
Despite these challenges, SHIB bulls are attempting to hold the support at $0.000012. However, with the technical setup remaining bearish, it could be a tough battle to prevent further losses. A deeper decline could see SHIB break below key support levels, triggering a more significant correction.
While the outlook for Shiba Inu this September appears grim, the crypto market is notoriously unpredictable. While historical data and on-chain metrics indicate potential trouble, the resilience of SHIB’s community should not be underestimated.
Crypto expert [Name] remarked, “Although the September Curse is a well-known phenomenon, the Shiba Inu community has surprised the market before. With strong support and potential catalysts, SHIB could defy expectations.”
Shiba Inu Daily Analysis. Source: TradingView
For SHIB holders, the coming weeks will be critical. Whether the “Shiba Inu (SHIB) September curse” prevails or is broken will depend on several factors, including market sentiment, broader crypto trends, and the actions of SHIB’s large holders. Regardless of the outcome, one thing is certain: September will be a month to watch for SHIB.
The “Shiba Inu (SHIB) September curse” remains a potent force in the market, casting a shadow over SHIB’s price prospects. With technical indicators flashing bearish signals and large holders reducing their stakes, SHIB could be in for a rough ride.
The “Shiba Inu (SHIB) September curse” looms large, with many SHIB holders concerned about potential price declines. As Shiba Inu (SHIB) faces bearish technical indicators and a drop in large holders’ confidence, the fear of the Shiba Inu (SHIB) September curse pushing prices down further grows.
Despite this, the unpredictable nature of the crypto market means Shiba Inu (SHIB) could still defy expectations. Investors remain cautious, knowing that the outcome of the Shiba Inu (SHIB) September curse will significantly impact their holdings.
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