🌎 Shiba Inu Price Hits 7-Month Low as Traders Shift Focus

Shiba Inu Price Decline: Key Insights for Investors

The Shiba Inu price has continued its downward trend, reflecting a decrease in demand for this once-popular meme coin. Currently, the SHIB token is trading at $0.000017, marking its lowest level since March. This represents a drop of over 60% from its peak this year.

Shiba Inu, similar to Dogecoin, has underperformed in the meme coin market as traders have shifted their focus to newer tokens. For instance, daily trading volume data shows that Shiba Inu’s volume in the last 24 hours stood at over $297 million, while Dogecoin managed $635 million. On the other hand, Pepe, a smaller market cap token, saw over $1 billion in trading volume during the same period. Other meme coins like Dogwifhat (WIF), Floki, and Bonk also outperformed Shiba Inu in trading volume, with $776 million, $301 million, and $288 million respectively.

This trend indicates that most traders are now concentrating on newer tokens, which they believe may offer higher growth potential. Popular meme coins among traders currently include Turbo, MAGA Hat, and Book of Meme.

The Shiba Inu token has also lagged behind due to the lackluster performance of Shibarium. The recently launched layer-2 network has attracted only 14 DeFi developers, with its Total Value Locked (TVL) at just $1.69 million. In comparison, other newly launched layer-2 networks like Blast, Sui, and Base have accumulated assets worth billions.

Shiba Inu Price Risky Technicals

From a technical standpoint, Shiba Inu’s price is pointing to further downside. The token has dipped below $0.00001838, its lowest swing on April 13th, and the lower side of the descending triangle pattern. Additionally, Shiba Inu has dropped below the 50-day and 200-day moving averages. If the decline continues, these lines could cross each other, forming a death cross, one of the riskiest patterns in the market.

A potential rebound for Shiba Inu could occur if there is an overall recovery in the crypto industry, similar to the rally seen in March when Bitcoin reached its all-time high. If this happens, SHIB and other altcoins may experience a bounce back.

Another possible catalyst for Shiba Inu would be the filing of a spot SHIB ETF by a company. This scenario could unfold if the SEC approves Ethereum and Solana ETFs.