Shiba Inu (SHIB) suffered a bearish plunge after failing to sustain price growth over the past 24 hours. At the time of writing, Shiba Inu is down 1.68% in 24 hours at $0.00002553. The SHIB breakdown is all-encompassing, with the 30-day decline hitting 4.44% as the token fluctuates from a low of $0.00002071 to a high of $0.00002796.
With the collapse of the Shiba Inu, other parameters also contributed to the collapse. The 24-hour trading volume fell 49.39% to $625,802,833. At its peak this week, traded volume soared to $1 billion in a single day.
With the price of the Shiba Inu derailing towards the $0.00003 mark, the market may be allowed to run its course. This means that Shiba Inu could favor the sell-off to the point that the Relative Strength Index (RSI), Bollinger Bands and other key indicators of trend change will signal a reversal.
Shiba Inu whales could also help decide what comes next. If whale investors maintain intense accumulation, the SHIB supply crunch would become more pronounced, fueling any likely price increases.
The Shiba Inu’s dynamic nature has placed him at the forefront of the deflationary trend. With millions of Shiba Inus being burned every day, the meme coin project is on track for a long-term rally. As an oversupplied token, one unique way Shiba Inu expects its valuation to increase in the long term, beyond burning its tokens, is to promote utility within its ecosystem.
The protocol is doing this with the launch of Shibarium, its Ethereum layer-2 scaling solution. Among all these fundamentals, SHIB aims to support the support level around $0.000025 while aiming to recover the $0.00003 level in the medium term.
