Shiba Inu is struggling to gain momentum, as its price is being weighed down by the competition. This could lead to a potential sell-off, which is why it needs to be shed before it can move higher. The price action of Shiba Inu has shown negative returns in the last 24 hours. There is also no sign of a potential upside move. The first key metric that shows the lack of interest among users is the decline in on-chain volume. The fall in the same also shows that retail investors are cautious due to uncertainties related to the Ukraine situation. The Market Value to Realized Value indicator, which is a measure of the average loss experienced by users during the last year, showed that sentiment was positive.
A negative value below 10% typically refers to an opportunity zone, where long-term holders can accumulate. A positive value indicates that the holders are in profit. This could be the reason why they are selling their shares. The second on-chain metric, which adds to the above index, shows that there is potential sell-side pressure on Shiba Inu. Also, the number of tokens on exchanges has increased significantly over the last month. The increasing number of tokens sent to exchanges serves as a sell-side pressure that could lead to a potential bear market. The lack of interest among users could also make matters worse.