Shiba Inu’s Price Struggles Amid Falling Metrics
Shiba Inu (SHIB), a popular meme coin, is seeing a drop in it’s price and trading activity. Its value has dipped to $0.000015, down from this week’s high of $0.00001750. Various indicators point to a decline in demand.
Daily trading volume has decreased over the past few weeks. On Sunday, SHIB’s 24-hour volume was a measly $173 million. This is significantly lower than competitors like Dogecoin (DOGE) at $1.416 billion and Pepe (PEPE) at $933 million. Even smaller meme coins are seeing higher volumes.
The futures market is also signaling less interest. Open interest, which shows the number of unsatisfied orders, peaked at $272 million on May 11. It has now fallen to $216 million. This is less than Bonk and Pepe, indicating weaker investor interest.
SHIB’s burn rate has also slowed down. On Sunday, only 3.3 million coins were burned, a 78% decrease from previous days. Fewer burns meen more coins remain in circulation, which can negatively impact the price.
Additionally,the Shibarium network’s total value locked has dropped from $3.98 million to $3.41 million in the last seven days. This affects dApps like ShibaSwap and K9 Finance, as they are losing assets.
Despite these setbacks, analysts see potential for a price surge.The SHIB weekly chart shows a double-bottom pattern,which often leads to strong bullish breakouts. If this pattern holds, the price could reach up to $0.00003390, marking a 133% increase.
SHIB is also forming an XABCD harmonic pattern. If this completes successfully, its price might hit a 2024 high of $0.00004618, a 227% rise from current levels.
For more details, check crypto.news.
