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In the last seven days, Shiba Inu (SHIB) has dropped in value by a significant 8.09%. The dog-themed meme coin has fallen more profound in the previous 30 days, declining by 22.81%.
Cryptocurrency prices fell in the early Saturday trading session, with major cryptocurrencies XRP, Dogecoin (DOGE), Shiba Inu (SHIB) and Cardano (ADA) all in red. Traders had reacted to an over $1.5 billion heist of the Bybit exchange, which analysts claim was the biggest crypto theft ever.
Cryptocurrency analyst and trader Ali Martinez has shared a chart provided by the on-chain data aggregator Santiment.
Shiba Inu price remains bullishly eyed by traders and investors despite the broader market volatility as its burning chronicles constantly kill supply. The latest burn metrics indicated that nearly 128 million SHIB was burnt over the past week.
On-chain data shows Bitcoin (CRYPTO: BTC) has maintained its strength comparatively to overall crypto market volatility as a major market move may be imminent. What Happened: In a post on X on Friday, analytics provider Glassnode showed meme coins experiencing sharp declines, with TRUMP (CRYPTO: TRUMP) dropping by 33.1% and Shiba Inu (CRYPTO: SHIBA) falling by 27.9%.
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A new player is capturing the attention of investors tired of chasing outdated memecoins. Mutuum Finance (MUTM), priced at just $0.01 in the opening phase of its presale, has already raised over $1 million from more than 1,900 holders.
Shiba Inu has faced significant challenges in recent months, failing to break free from its ongoing downtrend. Despite the altcoin's struggles, recent investor activity indicates a potential shift.
One of the biggest resistance levels in Shiba Inu's recent trading history is currently in the market. It may be difficult for the asset to break through because more than 515 trillion SHIB tokens are positioned at a critical price level.
A total of 20,423,263 SHIB have been shifted in one swoop, attracting the attention of the Shiba Inu community.
Shiba Inu price is gearing up for a potential 300% surge as it holds firm above strong support. The leading assets within the crypto market demonstrate a recovery as the broader market experiences small improvements.
Technical analysis shows Shiba Inu breaking out of a Falling Wedge pattern with increased volume, while whale activity and declining futures interest create mixed market dynamics that traders are closely monitoring.
Shiba Inu price has recently broken out of a Falling Wedge pattern, a formation commonly recognized as a bullish reversal signal in technical analysis. The pattern is characterized by a downward consolidation with lower highs and lower lows, which eventually leads to a meme coin rally breakout.
The recent market decline has made it difficult for Shiba Inu to regain its bullish momentum. Technical indicators, however, point to the possibility of a golden cross formation developing earlier than anticipated, which could support a robust recovery for SHIB despite the uncertainty.
Data shows the Dogecoin Open Interest has seen a large drop recently. Here's how the trend has compared for Shiba Inu and other memecoins.
Shiba Inu dips to $0.00001514, but traders target $0.000078 by summer, while Panshibi sparks meme coin speculation. #partnercontent
Shiba Inu (SHIB) has shown signs of potential recovery despite facing hurdles, with the price hovering around $0.00001534 at press time. However, for a sustainable rally, Shiba Inu must tackle a significant challenge: the decrease in transaction count and its broader impact on demand.
Dog-themed cryptocurrency Shiba Inu recently experienced a remarkable surge in its burn rate, a strategy aimed at lowering SHIB's total supply while potentially increasing long-term value. However, after a period of increase, Shiba Inu's burn rate has now taken a breather, settling at just 1.97% in the last 24 hours.
Dog-themed cryptocurrency Shiba Inu (SHIB) has been trading down in the last 24 hours; at the time of writing, SHIB was down 0.21% daily to $0.00001538. Weekly, Shiba Inu was recording higher losses, down nearly 7%.
The number of Shiba Inu trillionaires is decreasing in rapid fashion, which could be a signal for the rest of SHIB holders. The on-chain data is certainly not positive, and as large holders decrease their SHIB holdings, the market might see continuous selling pressure.
Shiba Inu could be poised for an uptrend if current level holds but transactions count create a major obstacle.
Shiba Inu (SHIB) - once one of the leading meme coins - is currently stagnating and has been moving in a downward trend for several months in a row. Against this backdrop, the token's popularity is rapidly declining.
Shibarium, the Ethereum-based layer-2 scaling solution for the Shiba Inu ecosystem, has suffered decreased activity in the past couple of days. Daily transactions being processed on the protocol plummeted from 4.77 million on Feb. 14 to just 54,640 on Feb. 17.
Most of the coins are coming back to the green zone after a bearish market opening.
