Shiba Inu’s Woeful Woes: Death Cross & Shibarium’s Demise

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Shiba Inu, the second-biggest meme coin, has seen its price plummet by over 50% since November last year, leaving it in a deep bear market. 😞

Adding insult to injury, the token has formed a death cross, a highly bearish pattern in technical analysis. This suggests that the downward trend may continue, with the token potentially falling by 30% from its current level. 😱

Shibarium’s TVL Takes a Nosedive

The total value locked in the Shibarium ecosystem has dropped significantly this year, falling to $2.3 million from an all-time high of $6.27 million. This makes it a small player in the DeFi industry, which has over $110 billion in assets. 😔

All dApps in Shibarium’s ecosystem have lost assets this year, with ShibaSwap’s TVL dropping by about 40% in the last 30 days to $1.26 million. Similarly, the TVL of protocols like WoofSwap, ChewySwap, and DogSwap has dropped by over 30% in this period. 😞

The performance of Shibarium is important because its transactions happen in BONE, which are then converted into Shiba Inu and burned. However, data shows that the number of active accounts in Shibarium has dropped to 1,260 from last month’s high of near 4,500, and the total transaction fees in the network have dropped to the lowest level in weeks. 😟

Shiba Inu launched Shibarium, a layer-2 blockchain, with the goal of transitioning from just a meme coin into a utility token. However, the token’s recent struggles suggest that this transition may not be going as smoothly as hoped. 😔

Shiba Inu Price Forecast

The daily chart shows that the SHIB price has retreated in the past few weeks, dropping from $0.000033 in November to $0.000016 today. 😞

This decline occurred after it formed a head-and-shoulders-like chart pattern, a highly bearish sign. It also dropped below the key support level at $0.00001856, its lowest swing on December 20. 😟

Worse, the token has formed a death cross pattern as the 200-day and 50-day Weighted Moving Averages crossed each other. A death cross is one of the most bearish patterns in technical analysis. 😱

Therefore, the token will likely continue falling as bears target this month’s low of $0.00001170, down by 30% from the current level. 😞

Shiba Inu, launched in August 2020 by an anonymous developer known as Ryoshi, positioned itself as a so-called “Dogecoin killer.” It eventually attracted a strong following, dubbed the Shib Army. 😎

However, with the recent struggles of Shibarium and the formation of a death cross, it remains to be seen whether Shiba Inu can live up to its hype and transition from a meme coin into a utility token. 😕

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2025-02-16 16:43