Shiba Inu’s “Death Cross” Dilemma: Brace for a 45% Nosedive?

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Oh, Shiba Inu (SHIB)! The second-largest meme coin in crypto-town has been on a downward spiral, and it’s not pretty. SHIB dropped to a low of $0.00001162 on Monday, marking a 65% plummet from its November peak. Yikes! 😨

And guess what? This decline is not just a Shiba Inu solo act. Other meme coins like Dogecoin (DOGE), Pepe, Bonk, and Floki have also taken a tumble – with more than 25% losses over the past 30 days. Oy vey! 🤦‍♂️

Now, let’s talk about Shiba Inu’s “burn rate” – or should I say, the lack thereof. Shibburn data shows an 88% decline in the burn rate over the last 24 hours. Fewer than 25 million SHIB tokens, currently worth less than $400, have been burned this week. Oof! 😖

Their Layer 2 network, Shibarium, is also underperforming. While total completed transactions are nearing 900 million, the number of network addresses has stagnated at 2.1 million. Plus, fees collected on the network and the total value locked in its decentralized finance ecosystem have dropped below $2.5 million. Yikes! 😨

And if that’s not enough, Shiba Inu’s futures open interest has declined in recent weeks, indicating weaker demand. Open interest has fallen to $182 million, down from its year-to-date high of $542 million. Double yikes! 😳

To top it all off, the daily chart shows a death cross pattern, where the 50-day and 200-day weighted moving averages have crossed. A death cross is a well-known bearish pattern. The last time this pattern appeared in June last year, SHIB fell by over 40%. So, buckle up, folks! 🔒

Will Shiba Inu’s price drop to the next key level at $0.00001162, its lowest point this week? Or will it be a 45% drop from the current price? Only time will tell! ⏳

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2025-02-06 16:50