As a researcher with a background in cryptocurrency markets, I’ve closely observed the recent trend of Shiba Inu (SHIB) and its underperformance compared to other meme coins. Based on my analysis of market data and volume trends, it appears that investor interest has shifted towards newer meme tokens like Pepe, Dogwifhat, Floki, and Bonk, which have shown greater growth potential.
The price of Shiba Inu has been on a decline recently as interest in the meme coin waned, causing its value to plummet. The SHIB token was currently priced at $0.000017, marking a new low not seen since March. This represents a significant drop from its peak value this year, with over 60% of its value being lost.
Shiba Inu, similar to Dogecoin, has lagged behind other meme coins in the market this year as investors shifted their attention towards fresh token options.
An illustrative case is provided by examining the trading volumes recorded daily on centralized and decentralized platforms, as indicated by CoinGecko’s data. According to this source, Shiba Inu boasted a trading volume of approximately $297 million over the previous 24 hours, while Dogecoin registered a substantially higher volume of around $635 million.
Alternatively, Pepe managed over a billion dollars in transactions during the same timeframe despite having a smaller market capitalization than Shiba Inu, Dogecoin (WIF), Floki, and Bonk. The trading volumes for Shiba Inu, Dogecoin (WIF), Floki, and Bonk were recorded at $776 million, $301 million, and $288 million respectively.
As a researcher studying the behavior of traders in the cryptocurrency market, I’ve noticed a trend that warrants attention. The majority of investors seem to be increasingly drawn towards newer tokens, as they hold the belief that these assets offer greater growth prospects. Among these emerging tokens, there are some notable mentions: Turbo, MAGA Hat, and Book of Meme.
Shiba Inu’s value has followed the broader market downturn, as interest from investors and developers in Shibarium, its newly introduced layer-2 network, has been lackluster. With only 14 developers in the decentralized finance (DeFi) sector engaged with it, and a total value locked (TVL) of merely $1.69 million, Shibarium pales in comparison to other recently debuted layer-2 networks such as Blast, Sui, and Base, which have amassed significant assets worth billions.
Shiba Inu price risky technicals
SHIB price chart
Currently, Shiba Inu’s chart indicators signal further declines for the cryptocurrency. The token has dipped slightly below its April 13th lowest point at $0.00001838, which also marks the lower boundary of a descending triangle trendline.
The Shiba Inu cryptocurrency now lies beneath both its 50-day and 200-day moving averages. A persistent downtrend could lead to these averages intersecting, creating a “death cross” – a bearish signal often perceived as high risk in financial markets.
Should the cryptocurrency market experience a resurgence, similar to the one witnessed in March when Bitcoin attained its peak price, Shiba Inu and other alternative coins are likely to regain momentum.
A significant development that might boost Shiba Inu could be the filing of an Exchange-Traded Fund (ETF) specifically for SHIB by a company. This could occur if the Securities and Exchange Commission (SEC) grants approval for ETFs based on Ethereum and Solana.
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2024-06-26 17:30