Shiba Inu (SHIB)’s latest attempt to create a stir among investors has failed. News of the highly anticipated launch of ‘Shib The Metaverse’ was released on Sunday. However, this news did not stir the market.
Over the past 24 hours, the price of SHIB has fallen by almost 10% and is likely to fall further.
Shiba Inu Owners Are Not Impressed
In a recent post on X, Shiba Inu’s head of marketing provided an update on the upcoming project “Shib The Metaverse”. The virtual space is intended to be a central hub for community members to facilitate user-generated content creation, collaboration and creative expression. It will also allow SHIB holders to discuss ideas and vote on proposals.
Despite this announcement, SHIB holders remain unimpressed. The popular meme coin is currently trading at $0.000018, down 7% in the last 24 hours. Among the top five meme assets by market capitalization, SHIB recorded the most significant losses during this period.
Additionally, the decline in SHIB’s open interest (OI) reflects the decline in market activity. After hitting an all-time high of $116 million on September 27, its OI has since fallen 11% to $103 million at press time.
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A drop in open interest suggests traders are closing positions rather than opening new ones, indicating reduced market participation and a change in sentiment, with traders becoming less optimistic.
Additionally, SHIB’s Chaikin Cash Flow (CMF) is on the verge of moving into negative territory, signaling a potential liquidity outflow. The CMF, which tracks the movement of money in and out of the market, has been trending downward and was at 0.05 at the time of publication. This situation indicates that liquidity outflow from the SHIB market is accelerating.
Shib price forecast: August 5 minimum is the next target
SHIB’s recent attempt to break through the $0.0000189 resistance level failed, reinforcing the ongoing downtrend. If market interest and demand for the meme coin continues to decline, its price could fall further, potentially hitting the August 5 low of $0.000010.
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On the other hand, the Shiba Inu price could rise to $0.000028 if it witnesses renewed demand and sentiment becomes more optimistic, invalidating the bearish forecast above.
