Shiba Inu (SHIB) suffered a bearish crisis after it failed to sustain its price growth in the last 24 hours. At the time of writing, Shiba Inu is down 1.68% in 24 hours to $0.00002553. SHIB breakdown is all-encompassing, with 30-day slippage hitting 4.44% as the token swings from a low of $0.00002071 to a high of $0.00002796.
Shiba Inu (SHIB) suffered a bearish crisis after it failed to sustain its price growth in the last 24 hours. At the time of writing, Shiba Inu is down 1.68% in 24 hours to $0.00002553. SHIB breakdown is all-encompassing, with 30-day slippage hitting 4.44% as the token swings from a low of $0.00002071 to a high of $0.00002796.
With the collapse of Shiba Inu, other metrics also contributed to the decline. The 24-hour trading volume is down 49.39% to $625,802,833. At its peak this week, trading volume skyrocketed to $1 billion in a single day.
Gamza KhanzadaevWith the Shiba Inu price derailing on its way towards the $0.00003 mark, the market can be allowed to run its course. This means that Shiba Inu could court liquidation to the point that the Relative Strength Index (RSI), Bollinger Bands, and other key trend reversal indicators indicate a reversal.
Shiba Inu whales could also help decide what comes next. If whale investors maintain the intensity of accumulation, the SHIB supply shortage becomes more pronounced, fueling any likely rise in price.
The dynamic nature of the Shiba Inu has placed it at the forefront of the deflationary trend. With millions of Shiba Inu burned daily, the meme coin project is headed for a long-term rebound. As an oversupplied token, a unique way Shiba Inu anticipates its valuation may skyrocket in the long term, aside from burning its tokens, is to boost utility within its ecosystem.
Tomiwabold OlajideThe protocol is doing this with the launch of Shibarium, its Ethereum layer 2 scaling solution. Amid all these fundamentals, SHIB aims to hold the support level around $0.000025 while looking to reclaim the $0.00003 level in the medium term.
