Shiba Inu the price remains on the bear market and can see an additional drawback after the formation of the death diagram, while a key metric decrease.
Shiba Inu (Shiba), the second largest coin of memes in the crypto, fell to a minimum of 0.000011162 on Monday, which amounted to 65% a decrease from its November peak.
The collapse of the Shiba coincided with wider weakness in the coins of memes. Over the past 30 days, Dogecoin has fallen by 22%, while Peepe, Bonk and Floki fell by more than 25%.
The speed of burning Shiba Inu also fell this week. SHIBBURN data show a decrease in burning speed by 88% over the past 24 hours. Less than 25 million Shib tokens, currently worth less than $ 400, have been burned this week.
Additional data indicate that Shibarium, the Shiba Inu Layer 2 network, is not enough. While the total number of completed transactions approaches 900 million, the number of network addresses is stagnated at 2.1 million.
Meanwhile, the fees collected on the network, and the total cost, blocked in its decentralized financial ecosystem, fell below $ 2.5 million. TVL of the main platforms in the ecosystem, Shibaswap, Woofswap, Chewyswap and Marswap, has decreased by 30%over the past 30 days.
In addition, the open interest of Shiba Inu has decreased in recent weeks, which indicates a weaker demand. Open interest fell to 182 million dollars, compared with the year to $ 542 million.
Shiba Inu Price formed the Cross of Death
The daily diagram shows that Shib fell from the November maximum of 0.0000333 to a minimum of 0.00001116 dollars this week. Then it recovered to a maximum of 0.000015 dollars.
The price of SHIB has formed a scheme of the death cross, where 50-day and 200-day suspended slides crossed. The deadly cross is a well-known bear drawing. The last time this model appeared in June last year, Shib fell by more than 40%.
Shiba Inu also formed a small bear’s pennant. As a result, the coin can fall to the next level of the key at 0.000011162, which is the lowest point this week. The decrease below this level will indicate a further drawback, and the next goal is 0.00008480 US dollars, which is the lowest level in January 2024, which is 45% compared to the current price.
