shiba Inu Token Faces Bearish Outlook as Metrics Deteriorate
Shiba inu’s price has plummeted over 60% sence its peak in November. Experts beleive this trend could continue.
A bearish flag pattern suggests a significant downturn may soon unfold. According to Shibburn, the token’s burn rate has fallen sharply. On August 12th, it decreased by 72% to just $2. Historically, a rising burn rate correlates with higher prices as it reduces inflation.
Shibarium, Shiba Inu’s layer-2 solution, struggles with limited吸引力. Its total value locked (TVL) has dropped 10% over 30 days, now at $1.75 million—a mere speck in the $300 billion TVL landscape. Weak investor interest reflects poorly on the token’s future prospects.
The daily trading volume stands at $222 million, much lower than competitors like Dogecoin at $1.7 billion. Open interest futures are also on the decline.
- Nansen data reveals stagnating whale holdings—unchanged since July 21st.
- Smart money holdings have decreased 22% over 30 days.
Experienced investors appear uninterested in Shiba Inu. meanwhile, interest in newer memecoins, particularly on solana, is growing.
The exchange supply has dropped slightly to 278 billion SHIB tokens, but this minor reduction offers minimal solace.
On the three-day chart, SHIB trades between $0.00001070 and $0.00001750. A critical test comes when it breaks below $0.00001070, potentially triggering a larger decline.
